"The US maintained the top position from 1997 to 2009. However, in 2010 it slid to third, overtaken by Singapore and Hong Kong. This year, the US found itself further down the list, ranking ninth.
"The IMD's World Competitiveness Center monitors 64 economies worldwide. It "analyzes and ranks countries based on their ability to manage their competencies to achieve long-term value creation." This ranking does not merely assess GDP and productivity. It also considers "political, social, and cultural dimensions." The assessment is divided into four categories: economic performance, government efficiency, business efficiency, and infrastructure.
"Government efficiency appears to be the most critical challenge for the US. The lackluster legislative process struggles to keep pace with other countries whose governments adeptly adapt to current economic conditions." (US Drops Further in International Competitiveness Rankings)
Nice work, Singapore (my major viewer of this blog!).
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