U.S.A LOOSES COMPETITIVENESS SURVEY

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U.S.A LOOSES COMPETITIVENESS SURVEY

 user 2006-09-27 at 10:33:00 am Views: 42
  • #16515

    U.S. No Longer Tops Competitiveness Survey
    WASHINGTON
    (Sept. 06) – The U.S. economy, burdened by fiscal deficits and widening
    global imbalances, lost its top ranking in a global competitiveness
    survey released Tuesday by the World Economic Forum.

    The
    U.S. ranking slipped to sixth, down from the top spot last year, with
    Switzerland the new number one.The U.S.’s overall competitiveness is
    “threatened by large macroeconomic imbalances, particularly rising
    levels of public indebtedness associated with repeated fiscal
    deficits,” the survey found.The U.S. ranking remains “vulnerable to a
    possible disorderly adjustment of such imbalances, including
    historically high trade deficits,” the survey added.The competitiveness
    study rates countries worldwide based on a wide range of criteria,
    including macroeconomic policies, market regulations and technological
    development, which in turn affect an economies long-term growth
    prospects, according to the WEF.China also saw its ranking slip, from
    48 to 54, as a number of “structural concerns,” including the
    state-controlled Chinese banking sector, continue to drag on its
    ranking.Levels of financial intermediation are low in China, and “the
    state has had to intervene from time to time to mitigate the adverse
    effects of a large, non- performing loan portfolio,” the survey said.A
    large budget deficit dragged down Brazil’s ranking, which slid from 57
    to 66th. “High levels of government debt and a wide interest rate
    spread given an indication of the heavy intermediation costs in the
    Brazilian banking sector, which negatively affect private sector
    investment and contribute to lower economic growth,” the report said.At
    the head of the class, Switzerland assumed the top spot for the first
    time on the merits of efficient markets and “sound institutional
    environment.”In keeping with recent trends in the survey, the Nordic
    countries – Finland, Sweden and Denmark – filled out the second through
    fourth positions, based on strong infrastructure and government
    policies.