The Global Competitiveness Report 2010-2011 released by the World Economic Forum shows that Switzerland has ranked first for two consecutive years. Sweden and Singapore rank second and third, respectively, while the United States has fallen to fourth. China has risen two places to 27th.
After losing the top spot last year, the United States has been surpassed by Sweden and Singapore this year. In addition to increasingly severe macroeconomic imbalances, the weakening of public and private institutions in the United States and lingering concerns about the state of the U.S. financial markets are also reasons for the decline in its ranking.
Among other Asian countries, Indonesia (44th), Vietnam (59th), and Sri Lanka (62nd) are some of the countries that have made the most progress this year, while the rankings of Thailand (38th) and Pakistan (123rd) continue to decline.
