singapore-ranks-thirdmost-competitive-economy-in-the-world

Singapore ranks third-most competitive economy in the world

The World Economic Forum's latest ranking of competitive countries sees the US fall to second place behind Switzerland, while Singapore moves up to third.

The World Economic Forum WEF yesterday released The Global Competitiveness Report 2009-2010 in which it ranks countries across the world on how competitive they are, with Switzerland, the US and Singapore taking the top three spots. The report was released ahead of an annual WEF meeting being held in Dalian.

In a dramatic change, the US lost the pole position after several years to Switzerland. The WEF attributed the drop to the weakening in US financial markets and concerns regarding the country's macroeconomic stability. Switzerland has remained stable, while the US has weakened across a number of areas. Switzerland's financial markets have also weakened, reflecting difficulties in the national banking sector, said the WEF,...

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