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The United States falls short in the global race (Now With Full Video!)
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The Global Competitiveness Report from Switzerland
Despite President Obama's assurances that America's economy is headed in the right direction, current economic turmoil caused the country to lose a distinction that it held last year.
It's number one position as the world's most global economic competitor.
The World Economic Forum gave Switzerland the esteemed title this year.
The Global Competitiveness Report’s ranking is based on the Global Competitiveness Index (G-C-I).
It was introduced in 2004. The Report contains a detailed profile for 133 economies featured in the study.
Members of the World Economic Forum explained why the United States ranking fell down a notch--via satellite online.
But what does this mean for the United States?
Economist Xavier Sala I Martin says President Obama will face a difficult challenge of decreasing the federal deficit by 50 % in 2013.
Some economic forecasts indicate that the United States is improving. Signals in the manufacturing sector show signs of improvement.
Analysts say that if the United States sustains its direction as the economy recovers, it's possible for it to regain its title. But economists looking for long term sustainability say it's still too early to tell if the US will be the global competitiveness king next year.
(Click on the provided link for the full story, hear interviews and see Colin Campbell!)
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