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ZURICH • The United States is once again at the top of the global competitiveness league, said the World Economic Forum (WEF), which praised its entrepreneurial culture and financial system, while noting its "social fabric in the process of s & # 39; to weaken. "
In a report that US President Donald Trump is likely to consider as a validation of his "Make America Great Again" initiative, the United States placed itself ahead of Singapore and Germany in the 140-nation table.
The 2018 edition of the ranking used a revamped methodology that put more emphasis on such factors as idea generation and agility.
Despite the fact that the United States first stood out in nearly a decade, the WEF – which brings together leaders of public and private sector institutions – has swept away the protectionism advocated by the United States. Trump administration.
Countries that place great importance on measures such as low tariffs, the ease of hiring foreign labor and collaboration in patent applications tend to behave well in terms of Innovation and the efficiency of the market.
"In this time of growing trade tensions and hostile reaction to globalization, the report also reveals the importance of openness to competitiveness," he said. "The return to greater openness and greater integration would have a positive impact on global economic health."
US companies have scored points for how quickly they have embraced change, but the country has not done well in terms of measurement like health and safety. It is "far from the border" in terms of checks and balances, judicial independence and corruption.
Singapore, ranked third last year, ranked third, ranking in the top 10 in seven areas, including its financial system and labor market. "The opening is the defining feature of this global trade hub and one of the key drivers of its economic success," the report says, noting that Singapore is leading the pack in infrastructure.
THE SECRETS OF SINGAPORE'S SUCCESS
The opening is the hallmark of this global trade hub and one of the main drivers of its economic success.
& # 39; & # 39; GLOBAL COMPETITIVENESS REPORT, on Singapore's performance, noting that the country leads the pack in terms of infrastructure.
Other areas in which Singapore has performed well include health, with a life expectancy of 74 years; and the product market, which takes into account tariffs and taxes. However, areas of improvement included innovation – for example, patenting and research spending.
Switzerland, long at the top of the rankings, fell to fourth place with the new methodology. China, the main target of US trade criticism, ranked 28th. Argentina, hit by a currency crisis, was the 81st of the Group of 20.
Famous for its annual meeting in the Swiss city of Davos that attracts world-class members such as German Chancellor Angela Merkel and rock star Bono, the WEF has called for policies to combat inequality. Steps are needed for income redistribution, investments in education and training, and social safety nets, as long as they do not undermine competitiveness.
"It is essential that policies are put in place to improve the situation of people affected by globalization in countries," according to the report. "It is possible to be pro-growth and inclusive at the same time."
BLOOMBERG
- Additional reports by The Straits Times
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