U.S. dips in competitiveness index as Singapore takes top spot, Canada down two

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The United States is less competitive than it was a year ago and the global economy remains hobbled by low productivity despite a decade of cheap money from central banks, the World Economic Forum said Wednesday.

In its latest assessment of the factors behind productivity and long-term economic growth, the organization best-known for its annual gathering of the elites in the Swiss ski resort of Davos found Singapore overtaking the United States as the most competitive country, aided in no small part by its state-of-the-art infrastructure and strong co-operation between labour and management.

Those categories include headings like health, financial system, market size, business dynamism and capacity to innovate. WEF founder Klaus Schwab called the index a "compass for thriving in the new economy where innovation becomes the key factor of competitiveness." They found signs that the trade tiff has led some economies to benefit as businesses look for alternatives to China.

 

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