U.S. again assumes throne as world’s most competitive economy; first time since 2008

“The U.S. is back on top as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum, which said the country could still do better on social issues,” Joanna Sugden reports for The Wall Street Journal. “America climbed one place in the rankings of 140 countries, with the top five rounded out by Singapore, Germany, Switzerland and Japan. All five countries’ scores rose from 2017, with the U.S. notching the second-biggest gain after Japan’s.”
“‘Economic recovery is well underway, with the global economy projected to grow almost 4% in 2018 and 2019,’ said the report, published Tuesday by the organization that produces the Davos conference on global politics and economics,” Sugden reports. “The Global Competitiveness Report this year assessed 140 countries on 98 indicators that measure business investment and productivity. The indicators are organized into 12 main drivers of productivity including the nations’ institutions, tech savvy, infrastructure, education systems, market size and innovation.”
“The U.S. scored 85.6 out of a possible 100. America’s vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system ‘are among the several factors that contribute to making the U.S.’ innovation ecosystem one of the best in the world,’ the report said,” Sugden reports. “Overall in the index, Switzerland fell to fourth place this year from first place last year, overtaken by the U.S., Singapore and Germany.”
Read more in the full article here.
MacDailyNews Take: Cutting taxes and regulations certainly seems to have contributed to lifting the U.S. economy. Growing consumer confidence and increasing wages bode very well indeed for companies like Apple and for the economy in general.
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