U.S. No Longer World's Most Competitive Economy

By: Martin Lukac
Submitted: 2007-01-17 16:25:20
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

The recent study of the world's economies reveals that the U.S. has fallen from first place last year to sixth place this year.

Switzerland replaces the U.S. as the most competitive economy in the world. It is followed by Finland and Sweden to make up the top three, according to a survey of 125 countries by the Geneva-based World Economic Forum (WEF).

The Global Comptetitiveness Report for 2006-2007 said that the top three ranked high due to sound institutions, competent macroeconomic management, world-class education systems and their focus on technology and innovation.

Augusto Lopez-Claros, chief economist and director for the World Economic Forum's Global Competitiveness Network, said that these factors have combined to form a "successsful strategy for boosting competitiveness in an increasingly complex global economy."

This year's index points to the importance of education and training, said Lopez-Claros.

"Countries that, like the Nordics, are investing heavily in education are likely to see rising levels of income per capita, growing success in reducing poverty and an increasing ability to establish a presence in the global economy," he observed.

The U.S. actually showed the most alarming decline in competitiveness this year. According to the WEF, the US still enjoys an excellent business environment and efficient markets, yet it is vulnerable to a possible disorderly adjustment of imballances, including historically high trade deficits.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Article source: Expert Articles

Most Recent Articles in Economics category

  • Developments Prior to the Currency Debates - By: Rupert Mackenzie
    During the 18th century England was nominally on a bimetallic standard (consisting of silver and gold), however, the mint price of silver was intentionally undervalued to keep it out of circulation and thus a de facto gold standard functioned: banknotes issued both by the Bank of England and country banks were convertible into gold upon request.
  • Investors Moving Money to European Banks Fearing U.S. Economy and Major Bank Failures - By: Brett Schoneman
    "Many investors are placing part of their hard-earned money out of harms way into foreign banks that do not have exposure to the U.S. sub-prime mortgage crises," says Kevin Wessell, CEO of Offshore Company. Mr. Wessell is also the author of "Build Your Financial Castle" and a nationally renowned asset protection seminar speaker.
  • The success of Africa's exports - By: Paul McIndoe
    While Africa faces tremendous challenges on the road to integration into the world trading system, many African export sectors have actually outperformed world market growth.
  • The 10 Movers and Shakers in Turkey's Banking Sector - By: James Kara Murat
    In Turkey there are many sectors active and dynamic and the banking sector is one of them. The dynamism of the banking sector is a result of the lifting of certain restrictions
  • The Biggest Banking Mergers & Acquisitions in Turkey - By: James Kara Murat
    Turkey is making some economic reforms in order to become part of the European Union. As a result, the Turkish banking industry has seen many changes.
  • Barcelona economy - By: Kirsty Connell
    Barcelona has a highly diversified economic structure. Find out the facts which lead to the growth of Barcelona economy.
  • Indian Retailers Accelerate Evolving Pace - By: Gaurav Doshi
    Retail industry in India is gradually edging its way towards becoming the next boom industry with contributing more than 10% to Country’s GDP and around 8% employment. Several Indian and global players are developing strategies to enter such a fast paced and growing market. Also the whole retail industry is taking new shape, the traditional market giving way for the more organized market in the form of departmental stores, hypermarkets, supermarkets and specialty stores.
  • The Real State of the Economy - Good or Bad? - By: Stephen Morgan
    There is something about the US Economy at the moment that I for one don’t get. Now it may be that being a brit, I am a little slow on the uptake; this has been known to happen every now and then but at the moment I cannot fathom several things out.Firstly, the UK economy, despite the Chancellors proud claims, is not in exactly the best of shapes but in the US, the Government is technically, if not practically bankrupt.
  • India Emerging As A Global Healthcare Destination - By: Christine Macguire
    Health is vital for ethical, artistic, material and spiritual development of man. It is very certain that of all the gains, the gains of health are the highest and the best. Traveling abroad for treatment has been an age-old practice.
  • India-Srilanka Free Trade Agreement(FTA): The Success and Road Ahead - By: Dr Suvrokamal Dutta
    The Free Trade Agreement between India and Srilanka came into full existence from 1st March 2000.This FTA basically deals with the modalities of the Duty Free Import of the Goods manufactured in Srilanka. Which exempt specified goods imported under Indo-Srilanka Free Trade Agreement from the Import Duty up to 100%.