The U.S. has the world’s most competitive economy, says a report looking at the country’s labor market, market size, and macroeconomic stability, among other factors.
The Global Competitiveness Report, published by the World Economic Forum, which is based in Cologny-Geneva, Switzerland, also lauded the U.S. for its innovation capability and business dynamism, noting that it is the “home to one of the most dynamic financial systems in the world.”
Nevertheless, as regards its overall competitive climate, the report put the U.S. in second place behind Singapore, which received high marks for its infrastructure, health, and labor markets.
The report added that Singapore’s city-state economy is “driven by its business-friendly regulatory environment, state-of-the-art infrastructure, and high levels of foreign investment.”
The Global Competitiveness Report, which analyzes the economic metrics of just over 140 countries, is issued annually by the World Economic Forum. Its second place ranking this year for the U.S. is a drop from the first place scored by the U.S. in 2018, but still an improvement over the 7th place ranking America held in 2013, during the Great Recession.
According to the report, among the other top country rankings were the Netherlands, Switzerland, Japan, Germany, Sweden, and Denmark.
Countries receiving the lowest rankings were primarily based in Africa and Central America.
In looking at the challenges facing all countries, the report asserts that while technology in general is obviously a good thing, it has also “impacted inequality by reducing demand for low-skilled jobs and rewarding high-skilled jobs disproportionately.”
In order for all ranked countries to improve quality of life, the report suggests greater healthcare access, a more vigorous enforcement of antitrust policies, and increased funding for such “productivity-enhancing investments as education, infrastructure, and innovation.”
By Garry Boulard
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