U.S. moves up to third in global economy rankings

GENEVA – The United States’ competitiveness among global economies has risen to the No. 3 spot behind Switzerland and Singapore in rankings published annually by the World Economic Forum.

In its latest survey, released early today, the Forum said the U.S. – the world’s largest economy – moved up two spots from fifth position last year, thanks to improvements in its financial markets and public institutions.

Six European countries dominated the top 10: Switzerland, Finland, Germany, the Netherlands, the United Kingdom and Sweden. Aside from the U.S., the remaining three slots were Asian: Singapore, Japan and Hong Kong.

The results are based on data from the United Nations and other international organizations as well as the Forum’s surveys of business executives. The Forum ranks a country’s competitiveness according to factors such as its ability to innovate and the quality of its infrastructure.