The Global Competitiveness Report 2009-2010 released on September 8, 2009 by World Economic Forum (WEF) shows that Switzerland has overtaken the U.S. as the world's most competitive economy, while Chinese mainland's ranking rises from last year's No. 30 up to No.29.
This year's World Economic Forum report covers a total of 133 economies, and the top 10 most competitive economies are the same as last year, only a slight change in the order. The top 10 are Switzerland, the United States, Singapore, Sweden, Denmark, Finland, Germany, Japan, Canada and the Netherlands.
The competitiveness of the United States ranked first in the world for several years, but this year it dropped to second, which is due to the rapid deterioration of some weak points in competitiveness of the United States under the international financial and economic crisis.
In general, the biggest weakness of the United States is still macroeconomic stability. This index ranking dropped from No.66 last year to No. 93.
In recent years, there is growing imbalances in American macro economy. The cumulative budget deficit led to the rapid increase in government debt, especially the implementation of large-scale stimulus spending in response to the economic crisis exacerbated this problem.
In addition, the U.S. financial markets maturity ranking dropped from No. 9 last year to No. 20.
Last year, Chinese mainland was among the top 30 for the first time, and this year it makes further progress and continues to be No.1 among the "BRIC countries".
In other BRIC countries, India rises from No. 49 last year to No. 50. Brazil rises from last year's No. 64 up to No. 56, while Russia drops from 51st last year to No.63.
Since 2004, Chinese mainland has been giving increasingly better performance in such reports. In 2004, it was No.46, and in 2008 it achieved a qualitative leap, up to No.30 for the first time, and led "BRIC countries".
The report said Chinese mainland's increasing competitiveness mainly comes from its huge market and outstanding economic performance.
In addition, China is constantly improving its business environment, and its innovation capability is increasing. Besides, China is in good financial state. These favorable factors constitute the basis for upgrading China's competitiveness.
The report says that Switzerland and the Nordic countries continue to rank well mainly because of strong innovation ability of these countries. They have very mature corporate culture, and transparent regulatory agencies, and their governments have maintained a healthy budget surpluses and low debt.
Traditional European economies account for most of the seats in the top 10 list, including Finland, Germany and the Netherlands.
Britain is still very competitive, but it continues the downward trend of last year's ranking, dropped by one, ranking 13th this year. The report thinks that this was mainly due to Britain's weakening domestic financial market.
The Asian economies have eye catching performance. Japan, Hong Kong, South Korea and Chinese mainland are among the top 30.
In Latin America, Chile is the highest ranked country, followed by Costa Rica and Brazil.
In the Middle East and North Africa, some countries ranked in the top 50%. The leading countries are Qatar, the United Arab Emirates, Israel, Saudi Arabia, Bahrain, Kuwait and Tunisia.
World Economic Forum is a non-governmental international organization. Since 1979, the Forum annually publishes a report on global competitiveness.
By People's Daily Online
|
Comment
Tell A Friend
Print Format
Save Article