BLBG : U.S. Replaced by Switzerland as Most Competitive Global Economy
Sept. 8 (Bloomberg) -- The U.S. was displaced by Switzerland as the world’s most-competitive economy after its financial markets were roiled by the worst crises since the Great Depression, the World Economic Forum said.
The U.S. fell to second position ahead of Singapore, Sweden and Denmark, the Geneva-based organization’s annual ranking of 133 nations showed today. The U.S. was downgraded as the forum cut its assessment of how sophisticated its markets are and warned rising budget deficits pose a growing threat.
“A number of escalating weaknesses have taken their toll on the U.S. ranking this year,” the 479-page study said.
The loss of efficiency by the world’s largest economy is another obstacle to a fast recovery even as it begins to show signs of emerging from its deepest recession since World War II. Switzerland was credited for its stability and ability to innovate.
