US falls in Competitiveness rankings

Switzerland tops the overall rankings in The Global Competitiveness Report 2010-2011 released by the World Economic Forum ahead of its "Summer Davos" in Asia.

The US falls two places to fourth position, overtaken by Sweden (2nd) and Singapore (3rd), after already ceding the top place to Switzerland last year.

"In addition to the macroeconomic imbalances that have been building up over time, there has been a weakening of the US’ public and private institutions, as well as lingering concerns about the state of its financial markets," the WEF said in a statement.

Developing Nations

China led the way among the large developing economies, rising to 27th from 29th, while India dropped two slots to 51st. Brazil fell to 58th from 56th and Russia stayed 63rd. In Latin America, Chile was the highest-ranked country at 30th and South Africa, 54th, was the best performer in its region.

The report -- published each year by the organizers of the annual conference of business leaders, politicians and entertainers in Davos, Switzerland -- is based on 12 measures of competitiveness and an opinion poll of more than 13,500 business leaders. Chad was ranked bottom of all the countries studied.