Switzerland replaces United States at top of competitiveness rankings, Sept. 8, 2009
Switzerland replaces United States at top of competitiveness rankings, Sept. 8, 2009
Switzerland (ranked 2 in 2008) tops the overall ranking in The Global Competitiveness Report 2009-2010, released on September 8 by the World Economic Forum. The United States falls one place to second position, with weakening in its financial markets and macroeconomic stability. Singapore, Sweden and Denmark round out the top five. European economies continue to prevail in the top 10 with Finland, Germany and the Netherlands following suit. The People’s Republic of China continues to lead the way among large developing economies, improving by one place this year, solidifying its position among the top 30.
Switzerland has not globally improved its competitiveness in 2009 compared to 2008. Actually, the country was less affected by the financial crisis than other economies like the US. Although major Swiss banks also suffered in the economic crisis, Switzerland managed to remain “relatively stable, whereas the United States has seen a weakening across a number of areas" said the WEF.
The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), developed for the World Economic Forum by Sala-i-Martin, Professor of Economics, Columbia University, USA and introduced in 2004. The GCI is based on 12 pillars of competitiveness, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars include Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation.
Source: World Economic Forum www.weforum.org
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