SSTI: U.S. Slips from First Place in Global Competitiveness Rankings
The United States fell from its position as the most competitive national economy according to the World Economic Forum's (WEF) recently released annual Global Competitiveness Report. Switzerland took the top spot as the U.S. fell to a close second place in the weighted ranking system. The report attributed the switch in positions to a number of growing weaknesses that have plagued the U.S. over the past year, while the Swiss economy remained relatively stable. Though the U.S. continues to perform well in measures of innovation, the country declined in indices of its institutional effectiveness and macroeconomic stability. The U.S.'s persistent fiscal deficits and trade imbalances were noted as a particular threat to the nation's mid- and long-term competitiveness.