Mumbai:
The United States continues to be the world''s most competitive
economy, a study by the Swiss-based International Institute
for Management Development (IMD) revealed.
Singapore and Hong Kong were in the second and third position
in the ranking of 55 countries in the IMD''s annual rating
that measures countries'' economic performance, government
efficiency, business efficiency and infrastructure.
China moved up three spots to 15th position. Other big
gainers in 2007 included Germany, the Netherlands, Luxembourg
and Sweden. France and Italy moved up a few places, to
28th and 42nd place, but remain well behind the top league.
However, South Africa, Japan, Finland and Australia lost
ground, according to the IMD, which uses statistics and
survey data to compile its World Competitiveness Yearbook.
The report said the emergence of Russia, India and others
as business contenders, with their companies buying industrial
assets across the world, was likely to cause unease among
European and North American powers.
The emerging giants like China which rose from
18th to 15th position in the annual ranking and
India, 27th are also catching up on the United
States at a rate of more than 2.5 per cent a year, the
report said.
Although Russia is lower down the ranking in 43rd place,
its competitiveness has grown by an average of nearly
five percent a year over the past decade compared to the
United States.
"They will not accept the loss of some of their ''business
jewels'' to newcomers without a fight," said IMD professor
Stephane Garelli.
"We shall thus face a year of rising protectionist
measures. An increase in the number of complaints filed
at the WTO for unfair practices
can be expected," he added.
In 2007 and beyond, economic relations will be more tense
than ever as emerging markets turn into emerging powers
and challenge the established order for competitiveness,"
Garelli said.
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