U.S. Loses Out To Switzerland, Claims Latest World Economic Report

Switzerland beat out the United States as the World’s top competitive financial market according to a new report released today by the Geneva based World Economic Forum.

The report entitled: The Global Competitiveness Report 2009-2010, underscores:

“The global economy continues to weather the most difficult climate in generations. What began as a financial crisis in the United States and the United Kingdom quickly turned into the largest global recession in decades. World GDP is expected to contract by a record 2.5 percent in 2009 as the financial crisis continues to spill over into the real economy, engendering massive declines in consumer demand,rising unemployment,and mounting protectionist pressures worldwide.”

The report highlights the United States drop to second place for the first time since the group began its index in 2004.  Severe financial loses labeled as the worst since the Great Depression and ongoing budget gaps were the main indicators for the drop.

The report nevertheless emphasized the drop in the US may not be permanent.

“The country (US) continues to be 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.”

The Swiss were lauded for their recent innovation in the financial sector while maintaining stability inside their current economic markets. The report tallied the progress of 133 countries.

For a full copy of the report go to: http://www.weforum.org/en/index.htm