Switzerland, Singapore, US top economic rankings

 
 
Escorted by six Tiger F5-E jets an Swiss airline Airbus A330 flies above  the spectators of an  air show in Payerne, Switzerland, Saturday, Aug.  30, 2014. Swiss air force celebrate it's 100.  bicentenary with a big air show.
Escorted by six Tiger F5-E jets an Swiss airline Airbus A330 flies above the spectators of an air show in Payerne, Switzerland, Saturday, Aug. 30, 2014. Swiss air force celebrate it's 100. bicentenary with a big air show.
Keystone,Alessandro della Valle / AP Photo

Associated Press

The United States' competitiveness among global economies has risen to the No. 3 spot behind Switzerland and Singapore in rankings published annually by the World Economic Forum.

In its survey released Wednesday, the Forum said the U.S. — the world's largest economy — moved up two spots from fifth position last year, thanks to improvements in its financial markets and public institutions.

Six European countries dominated the top 10: Switzerland, Finland, Germany, the Netherlands, the United Kingdom and Sweden. Aside from the U.S., the remaining three slots were Asian: Singapore, Japan and Hong Kong.

The results are based on data from the United Nations and other international organizations as well as the Forum's surveys of business executives.

The Forum, which hosts the annual gathering of global business and political leaders in the Swiss ski resort of Davos every winter, ranks a country's competitiveness according to factors such as its ability to innovate and the quality of its infrastructure.

Switzerland and Singapore were at the top of the rankings last year as well. Finland fell this year to fourth from third last year, while Germany was fifth, down from fourth last year. Japan moved up to sixth, from ninth.

Klaus Schwab, the Forum's founder and executive chairman, cautioned that the health of the global economy is at risk, despite years of support from central banks, because governments are struggling to make the economic reforms needed for growth.

"The strained global geopolitical situation, the rise of income inequality, and the potential tightening of the financial conditions could put the still tentative recovery at risk and call for structural reforms to ensure more sustainable and inclusive growth," he said.

Switzerland has topped the rankings of 144 economies in the Global Competitiveness Report for six years. The Forum said Switzerland's standing is based on its innovation, sophistication of its business sector, top-notch education and scientific research institutions, and labor market efficiency.

The survey found that countries in southern Europe, such as Spain, Portugal and Greece, have made significant improvement in their markets, while France and Italy were lagging in that area.

Read more Breaking News - Business stories from the Miami Herald

  • Air France pilot strike amid low-cost tensions

    At least half of Air France flights around the world were canceled Monday as pilots kicked off a weeklong strike, angry that the airline is shifting jobs and operations to a low-cost carrier to better keep up with competition.

  • New study on 'income inequality' looks at Mass.

    Advocates for changing Massachusetts' personal income tax may have new fuel for their campaign, as a new national study suggests a more progressive income tax that requires wealthier individuals to pay higher tax rates could help states deal with revenue problems.

  •  
FILE - In this July 28, 1992, file photo, U.S. Olympic basketball player Magic Johnson signs autographs for local children in Barcelona, Spain.

    Dream Team, Barcelona Games continue to impact NBA

    Officially, it was the U.S. Olympic team, together for just a few weeks.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category