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Tuesday, Sept 8th, 2009
Switzerland knocked the United States off the position as the world’s most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.
The World Economic Forum’s global competitiveness report 2009/2010 showed economies with a large focus on financial services such as the U.S., Britain or Iceland were the losers of the crisis.
The U.S. as the world’s largest economy lost last year’s strong lead, slipping to number two for the first time since the introduction of the index in its current form in 2004.
“We have been expecting for some time that it may lose its top-position. There are a number of imbalances that have been building up,” said Jennifer Blanke, Head of the WEF’s Global Competitiveness Network.
This article was posted: Tuesday, September 8, 2009 at 10:31 am