US still world's most competitive economy: Survey
The US is world's most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble.
By Agencies |
GENEVA: The US still has the world's most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble and others turn to the Federal Reserve for financial bailouts, according to a survey released on Wednesday.
In a poll of over 12,000 business figures conducted by the Geneva-based World Economic Forum, the US ranked first, ahead of Switzerland, Denmark, Sweden and Singapore.
Researchers defended the survey's accuracy despite the fact that it was conducted before the US government announced a USD 700 billion rescue package to save ailing financial companies from collapse.
"In the context of the current crisis the index rather measures the ability of economies to limit the impact of the shock waves on the real economy and to bounce back quickly based on sound economic fundamentals," said Margareta Drzeniek Hanouz, one of the authors of the report.
"As the crisis spills over into the real economy, we may see a weakening of the assessment in some categories over the next year or two, in particular with respect to macroeconomic stability or public institutions, but this remains to be seen," she added.
Less welcome were the current administration's repeated fiscal deficits, which were seen as a sign that the US is failing to prepare for its future liabilities.
Pollsters asked business figures to rate 134 countries according to factors that promote economic growth.
China continued to rise in the rankings, reaching 30th place compared with its 37th place in the 2007-2008 poll. India came in 50th, followed by Russia in 51st.
In a poll of over 12,000 business figures conducted by the Geneva-based World Economic Forum, the US ranked first, ahead of Switzerland, Denmark, Sweden and Singapore.
Researchers defended the survey's accuracy despite the fact that it was conducted before the US government announced a USD 700 billion rescue package to save ailing financial companies from collapse.
"In the context of the current crisis the index rather measures the ability of economies to limit the impact of the shock waves on the real economy and to bounce back quickly based on sound economic fundamentals," said Margareta Drzeniek Hanouz, one of the authors of the report.
"As the crisis spills over into the real economy, we may see a weakening of the assessment in some categories over the next year or two, in particular with respect to macroeconomic stability or public institutions, but this remains to be seen," she added.
Less welcome were the current administration's repeated fiscal deficits, which were seen as a sign that the US is failing to prepare for its future liabilities.
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Pollsters asked business figures to rate 134 countries according to factors that promote economic growth.
China continued to rise in the rankings, reaching 30th place compared with its 37th place in the 2007-2008 poll. India came in 50th, followed by Russia in 51st.
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