The United States has lost its edge in the global market, sinking from first to sixth place in economic competitiveness, according to a report card from the World Economic Forum. Switzerland now ranks as No. 1 , followed by Finland, Sweden, Denmark and Singapore.
RENEE MONTAGNE, host:
If American productivity is the envy of the world, the U.S. economy overall has slumped from first to sixth place in terms of global competitiveness. That's according to a report card issued by the World Economic Forum yesterday.
The report criticized U.S. spending on defense and homeland security and plans to lower taxes. It also expressed concern over high costs down the road for healthcare and pensions.
This year, Switzerland was named the most competitive economy in the world, followed by Finland, Sweden, Denmark, and Singapore.
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