Trade wars lose US its competitiveness top spot-- WEF
The United States fell to second place behind Singapore in the World Economic Forum's flagship Global Competitiveness Report, with the slippage linked in part to President Donald Trump's trade wars.
The Forum, organisers of the glitzy annual gathering of business and political elite in Davos, have released an annual competitiveness report since 1979 that assesses which economies are well placed to see productivity and long-term growth.
While the report noted that the US remains an innovation powerhouse and the world's second most competitive economy, some trouble signs have emerged, the Forum said.
There are no two ways (about) it. It is important to ensure the countries are being open to trade, said Saadia Zahidi, a Forum managing director, when asked to comment on the impact of the tariffs imposed by the Trump administration.
She noted the lack of hard data on the impact of US tariffs imposed on several of its main economic partners, as the set of products impacted remains limited compared to overall trade.
But, she said, the sentiment surrounding investing in the US has been going down, she told reporters in Geneva.
That will end up impacting long-term investment; that will end up impacting how decision makers are thinking; that will end up impacting the view of non-American business leaders (of) the United States. So it does matter in the long-term, she added.
The Forum's competitiveness report relies in part of executive surveys, in addition to hard economic data.
Zahidi said that the US had also fallen in the rankings because healthy life expectancy in the country was now lower than in China.
In data published last year, the World Health Organization said that a newborn in China could expect 68.7 years of healthy living, compared to 68.5 for American newborns.
- Singapore surge -
The report measures competitiveness on a scale of zero to 100 based on factors that include infrastructure, health, the labour market, the financial system, quality of public institutions and economic openness.
Singapore scored 84.8 out of 100, but the Forum noted that the country had benefited from trade diversion through its ports triggered by the tariff battles between the world's top economies.
At 83.7 the US slipped from a score of 85.6 in 2018.
Hong Kong rose four spots to claim third place with a score of 83.1, but the Forum said the data used in the report was collected before waves of pro-democracy protests began shaking the financial hub.
The Netherlands finished fourth -- up two slots from last year -- while Switzerland came in fifth place.
(2019/10/11 08:40)Click Here for Japanese Translation
AFP-JIJI PRESS NEWS JOURNAL
- 10/11 12:01 Google yanks Hong Kong protester role-playing app
- 10/11 09:46 Halle gunman's fumbling, furious assault caught on camera
- 10/11 09:32 Gauff, 15, reaches first WTA quarter-final, youngest since 2005
- 10/11 08:58 Tourists surge at Uluru before Australia bans climb
- 10/11 08:49 Humans will not 'migrate' to other planets, Nobel winner says
- 10/11 08:40 Trade wars lose US its competitiveness top spot-- WEF
- 10/10 09:47 Despite consequences, NBA boss defends values in China row
- 10/10 09:17 Persistent trade tensions risk worsening poverty-- World Bank
- 10/10 09:00 From 'weirdo' PhD stargazer to Nobel Physics laureate
- 10/10 08:47 UK winner pockets 190-million-euro jackpot
- 10/10 08:40 Mystery oil spills blot more than 130 Brazilian beaches
- 10/10 08:31 Ibrahimovic unveils larger than life statue in hometown
- 10/09 16:16 New EU president to sleep in her office
- 10/09 10:04 Time is money-- Paris thief swipes $840k watch from Japanese man's wrist
- 10/09 09:28 'South Park' creators issue mock apology over China censorship
- 10/09 09:15 In Brazil, sumo looks to break through
- 10/09 08:48 Gene-edited livestock carry huge promise but major pitfalls
- 10/09 08:35 Porn, politics are key targets in 'deepfakes'-- study
- 10/08 10:00 Youth activists like Greta Thunberg deserve Nobel nod-- 2011 laureate
- 10/08 09:04 Putin puts on birthday show gathering mushrooms
- 10/08 08:57 Israel unveils remains of 5,000-year-old city
- 10/08 08:49 Pope blames Amazon fires on destructive 'interests'
- 10/08 08:40 GM strike negotiations take 'turn for the worse'-- union
- 10/08 08:33 Moulin Rouge dancers take it to the street for 130th birthday
- 10/07 12:30 Thousands protest French IVF law for single women, lesbians
- 10/07 11:54 Spokesman defends dishevelled Duterte as 'very hygienic'
- 10/07 11:48 Six wild elephants drown after slipping off waterfall in Thai park
- 10/07 11:30 'Biles II' and 'The Biles'-- US gymnastics star is name of game at worlds
- 10/07 11:26 Climate activists occupy Paris mall as global Extinction Rebellion protests begin
- 10/07 11:21 Ginger Baker, drummer with rock legends Cream, dies aged 80