US Slips in Economic Ranking by the World Economic Forum
With the Democratic National Convention in full swing, and with the constant debate about whether or not America is better off today than it was four years ago – the World Economic Forum has just published some interesting statistics. America, it seems, has slipped down the global ranking of the world’s most competitive economies.
The World Economic Forum (WEF) survey that was released on Wednesday showed that America placed 5th last year and that they are now 7th. This is the fourth year of decline for the U.S.
As Jennifer Blanke, Economist at the Geneva-based WEF, explained,
“A number of weaknesses are chipping away at its competitiveness…the U.S. fiscal imbalances and continued political deadlock over resolving these challenges.”
The survey, conducted annually, ranks the competitiveness of 144 countries according to 12 key indicators. As Blanke told CNBC,
“If you look at competitiveness, what we are talking about is productivity. It’s countries that are productive that can support the sorts of rising living standards and high wages that everyone is looking for.”
America was beat out, in order, by Switzerland, Singapore, Finland, Sweden, the Netherlands and Germany. Right behind the US were the United Kingdom, Hong Kong and Japan.