U.S Crowned The 'World’s Most Competitive Economy' at World Economic Forum
The prestigious conference in Switzerland put US back on the map
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The United States has won the title of the 'World’s Most Competitive Economy' at the annual conference at The World Economic Forum in Switzerland.
The prestigious conference frequented by global elites had refrained from awarding the US with the number one spot since 2008 following the aftermath of the financial crisis.
The news comes as a record number of new jobs opened up in the United States in August as President Donald Trump's booming economy exhibited no sign of decreasing amid an escalating trade war with China and Hurricane Florence-hit Carolinas.
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“The United States, as one of the world’s great innovation powerhouses, is very well positioned in this new competitive landscape,” the Forum said in an article explaining its ranking.
“It ranks first overall in the world in three of our twelve pillars; business dynamism, labor markets, and financial system. It comes second in another two; innovation (behind Germany) and market size (behind China).”
The U.S. is followed by Singapore, Germany, Switzerland, and Japan in the top five.
The top ten comprises the Netherlands, Hong Kong, the U.K., Sweden, and Denmark.
These are the world's most competitive economies https://t.co/LlvcerebWQ #economics #gcr18 pic.twitter.com/P3BH4mfLGN
— World Economic Forum (@wef) October 17, 2018
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Roughly 70% of the U.S. score originates from data provided by international organizations such as the United Nations and the World Bank, which typically are created with a two to three-year lag, according to the Forum.
“Does this mean that the US’ ascent can solely be attributed to the far-sighted structural reforms and innovations of its previous administration? The answer here is a very firm no: some of America’s strengths predate even that period. Likewise nor can we dismiss the efforts of the current administration: if 70% of the report’s weighting comes from hard data, the remaining 30% represents the views of America’s business leaders: if they are positive about America’s competitiveness then their views will be very much based on the here and now,” the Forum explained.
