USA: America's economy judged most competitive in the world

USA Rumours of the death of the United States economy seem greatly exaggerated.

The World Economic Forum’s Global Competitiveness Report 2008-2009 was released today and considers twelve “pillars” of competitiveness: institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, labour market efficiency, financial market sophistication, goods market efficiency, market size, innovation, business sophistication and technological readiness.

The US is listed as #1, with Singapore #5, Japan #9, the UK #12 and Australia eighteenth, ahead of Israel at 23rd and New Zealand at 24.

The US is described in glowing terms despite current difficulties:

Notwithstanding the present financial crisis, the United States continues to be the most competitive economy in the world, a position it has held for several years.This is because the country is endowed with many structural features that make its economy extremely productive and that place it on a strong footing to ride out business cycle shifts and economic shocks.Thus, despite rising concerns about the soundness of the banking sector and macroeconomic weaknesses, the country’s many other strengths continue to make it a very productive environment.

It’s principally because it’s an innovation driven economy:

The United States is ranked 1st on the innovation pillar, with the world’s top-rated scientific research institutions, high company spending on R&D (ranked 3rd), and significant collaboration between the business and university sectors in research (ranked 1st).

Australia is doing well too:

Australia, at 18th place, draws its strongest competitive advantages from the excellent functioning of its goods, labor, and financial markets. In terms of financial
market sophistication, the country ranks 3rd for the regulation of its securities exchanges and for legal rights, and 4th for the soundness of its banks. Australia’s goods markets are characterized by the ease of starting a business: the number of procedures and the time required to start a business are both ranked 1st internationally.And labor markets are very flexible, characterized by significant ease in hiring and firing employees and a lack of nepotism in the business sector by international standards.

Australia also has very strong private institutions, ranked 2nd for the efficacy of its corporate boards and 3rd for the strength of auditing and reporting standards in the country. Higher education and training is also an area of strength, with high enrollment rates at all levels, and very good marks for the quality of the educational system (ranked 9th).

To read the whole report click here.

Advertisements

8 Comments

Filed under Uncategorized

8 responses to “USA: America's economy judged most competitive in the world

  1. Anonemoose

    Yet, if you read the Guardian by the Yarra yesterday or the day before, you’d think that Americans were going to flee to Canada like East Germans wanting their Deutschmarks at the fall of the wall.

    Never let the truth get in the way of a good America-bashing story.

  2. Bomb Aimer

    Al Qaeda must be rejoicing. Greedy scammers, government deregulation, and financial markets gone haywire! The western world is toppling, and Bin Laden didn’t have to lift a finger!

  3. Dumbass

    America will bounce back.

  4. Anonymous

    Marx and Engels were right! Capitalism in inherently unstable and will collapse.

    Long live Marx and Engels, true visionaries.

  5. Entrails reader

    Laissez faire economics haven’t worked for 300 years and never will. But that didn’t stop Thatcher, Jeff kennett, madcap treasurer Peter Costello and John Howard from trying it out again. Even Labor embraced this poison. Now they’re all busily trying to rewrite history.

    Collectively, when everything is added up, they were instrumental in wrecking today’s world economy.

  6. Anonymous

    It’s now clear that Capitalism is dead. We need a new world system. Communisim is the way forward.

  7. Capitalist

    There is no mechanism more efficient for allocating resources to those areas where they are best utilised, than the system of market capitalism, the invisible hand, and price signals.

  8. PM LOVES THE FIRST LADY AND HER MONEY

    HOW DARE YOU ALL BEING CRITICAL OF CAPITALISM, THE PRIME MINISTER AND HIS WIFE THRIVE ON IT.

    HOW MANY MILLIONS IS THE PM’S WIFE WORTH..DID I HEAR SOMEONE SAY $120 MILLION.

    NOW WAS THAT THE PM BEING CRITICAL OR IS THAT HYPOCRITICAL OF CORPORATE GREED IN BANKS.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s