According to a survey, the US still has the world’s most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble and others turn to the Federal Reserve for financial bailouts. The US ranked first in a poll of over 12,000 business figures conducted by the Geneva-based World Economic Forum, ahead of Switzerland, Denmark, Sweden and Singapore. Although the Global Competitiveness Index 2008-09 survey was conducted before the US government announced a $700 billion rescue package to save ailing financial companies from collapse, researchers still defended its accuracy.

One of the authors of the report, Margareta Drzeniek Hanouz told that the index measures the ability of economics in such environment to minimize the impact of shock waves on real economy and to recover quickly based on sound economic fundamentals. As the crisis spreads out into real economy, a weakening of the assessment in some parts may exist over the next year or two, particularly in terms of macroeconomic stability or public institutions. Besides, according to Drzeniek Hanouz, Respondents to the poll praised the US for its ability to innovate, the quality of its university system and the flexibility of its labour markets.

However, there still is such less inspiring aspect as the current administration’s repeated fiscal deficits showing a sign that the US is failing to prepare for its future liabilities.

Finland came in sixth in the poll, while Germany slipped two places to seventh; The Netherlands, Japan and Canada rounded off the top 10. Britain slipped down three spaces, came ninth last year; China continued to rise in the rankings, reaching 30th place compared with its 34th place in the 2007-08 poll. India came in 50th, followed by Russia in 51st.

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competitive, economy, survey, turmoil, U.S.