Low rankings in areas of violent crime, checks and balances, and corruption…
(Michael Barnes, Liberty Headlines) For the first time in nearly a decade, the United States is back on top and ranked the world’s most competitive economy.
That’s according to the latest Global Competitiveness Report, produced by the World Economic Forum—a nonprofit group based in Switzerland that’s best known for hosting an annual summit of world leaders in Davos.
The report ranked the U.S. tops among 140 countries and across 98 separate economic indicators. America’s strongest measured areas were market size, stability and “innovation ecosystem,” or entrepreneurial culture.
The ranking is the latest affirmation of the country’s recent economic explosion—which many say is long overdue.
Ten years ago, the U.S. economy cratered after a real estate-driven financial crisis led to the Great Recession. But despite an infusion of hundreds of billions of government dollars into what were intended to be “shovel-ready” projects and near-zero interest rates for the duration of the Obama presidency, the expected recovery was the worst on record.
Forbes columnist and entrepreneur Louis Woodhill wrote in 2012, that, “Deep recessions are supposed to be followed by strong recoveries, but, under Obama, the worst recession since the 1930s has been followed by the slowest economic recovery in the history of the republic. In a very real sense, there has been no recovery at all—things are still getting worse.”
Now, the WEF is characterizing the U.S. as a “powerhouse” of innovation.
While encouraging, the report’s authors also noted that a trade war with China is a major potential risk. They further gave low rankings to the U.S. in the areas of violent crime, checks and balances, and corruption.
The 2018 Global Competitiveness Report was released on Tuesday, and rated countries on a scale from zero to 100. The U.S. topped the list at 85.6 overall.
The top 20 economies and their competitiveness scores are listed below:
- United States: 85.6
- Singapore: 83.5
- Germany: 82.8
- Switzerland: 82.6
- Japan: 82.5
- Netherlands: 82.4
- Hong Kong: 82.3
- United Kingdom: 82.0
- Sweden: 81.7
- Denmark: 80.6
- Finland: 80.3
- Canada: 79.9
- Taiwan: 79.3
- Australia: 78.9
- South Korea: 78.8
- Norway: 78.2
- France: 78.0
- New Zealand: 77.5
- Luxembourg: 76.6
- Israel: 76.6