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US recaptures 'competition crown' US recaptures 'competition crown'
(10 minutes later)
The US has regained its title as the world's most competitive economy, according to an influential survey by the World Economic Forum (WEF).The US has regained its title as the world's most competitive economy, according to an influential survey by the World Economic Forum (WEF).
Having dropped to sixth in the Global Competitiveness Index last year, the US pushed previous winner Switzerland into second place this time around.Having dropped to sixth in the Global Competitiveness Index last year, the US pushed previous winner Switzerland into second place this time around.
The UK improved a place to ninth, while China and Russia moved up the rankings.The UK improved a place to ninth, while China and Russia moved up the rankings.
The results are based on criteria such as economic stability, market size, innovation, education and health.The results are based on criteria such as economic stability, market size, innovation, education and health.
'Winning combination''Winning combination'
The WEF also consulted more than 10,000 top business leaders about the pros and cons of doing business in the 131 countries included in the survey.The WEF also consulted more than 10,000 top business leaders about the pros and cons of doing business in the 131 countries included in the survey.
See which countries come out on top
A "winning combination" of innovative companies, efficient financial markets and a first-rate university and research system propelled the US to the top, the WEF said.A "winning combination" of innovative companies, efficient financial markets and a first-rate university and research system propelled the US to the top, the WEF said.
But the report also identified some "weaknesses" in its economy, which the WEF said could have global implications.But the report also identified some "weaknesses" in its economy, which the WEF said could have global implications.
"This danger has most recently been demonstrated by the fallout and contagion caused by the country's sub-prime mortgage crisis and ensuing global credit crunch," said Xavier Sala-i-Martin, Professor of Economics at Columbia University and the report's co-author."This danger has most recently been demonstrated by the fallout and contagion caused by the country's sub-prime mortgage crisis and ensuing global credit crunch," said Xavier Sala-i-Martin, Professor of Economics at Columbia University and the report's co-author.
European nations filled seven out of the top 10 positions in the survey, accompanied by Singapore in seventh place and Japan in eighth.European nations filled seven out of the top 10 positions in the survey, accompanied by Singapore in seventh place and Japan in eighth.
FIVE LEAST COMPETITIVE 127: Timor-Leste128: Mozambique129: Zimbabwe130: Burundi131: Chad Source: WEFFIVE LEAST COMPETITIVE 127: Timor-Leste128: Mozambique129: Zimbabwe130: Burundi131: Chad Source: WEF
The UK scored very highly - second only to the US - in terms of the efficiency of its markets but poorly in terms of innovation, ranking only 14th on that measure.The UK scored very highly - second only to the US - in terms of the efficiency of its markets but poorly in terms of innovation, ranking only 14th on that measure.
One of the principal winners in this year's report was China, which jumped up the rankings from 54th to 34th.One of the principal winners in this year's report was China, which jumped up the rankings from 54th to 34th.
The size of its domestic and export markets were its main competitive advantages, the report concluded, while it also benefited from general economic stability.The size of its domestic and export markets were its main competitive advantages, the report concluded, while it also benefited from general economic stability.
However, weaknesses included the poor financial state of many of its banks, restrictions on capital flows and legal rights and low enrolment into higher education.However, weaknesses included the poor financial state of many of its banks, restrictions on capital flows and legal rights and low enrolment into higher education.
While Russia moved up the list, Italy, Brazil and India were notable fallers, the latter suffering from overly high inflation, overregulated labour markets and poor health indicators.While Russia moved up the list, Italy, Brazil and India were notable fallers, the latter suffering from overly high inflation, overregulated labour markets and poor health indicators.
Saudi Arabia, included in the report for the first time, was ranked 35th - above Portugal, Italy, Poland and Greece.Saudi Arabia, included in the report for the first time, was ranked 35th - above Portugal, Italy, Poland and Greece.
Zimbabwe sinksZimbabwe sinks
Africa provided four of the five least competitive economies, with Chad propping up the list in 131st place.Africa provided four of the five least competitive economies, with Chad propping up the list in 131st place.
Zimbabwe continued to fall down the index after its economic problems intensified.Zimbabwe continued to fall down the index after its economic problems intensified.
Zimbabwe was beset by a catalogue of problems, the report said, including high levels of corruption, non-enforcement of property rights, mismanagement of public finances and inefficient markets.Zimbabwe was beset by a catalogue of problems, the report said, including high levels of corruption, non-enforcement of property rights, mismanagement of public finances and inefficient markets.
"Zimbabwe has sunk to the bottom of all countries covered with regard to macroeconomic stability, with large deficit spending, negligible national savings and raging hyperinflation unparalleled anywhere in the world today," it concluded."Zimbabwe has sunk to the bottom of all countries covered with regard to macroeconomic stability, with large deficit spending, negligible national savings and raging hyperinflation unparalleled anywhere in the world today," it concluded.
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