India slips two positions to 51st in global competitiveness ranking

Geneva: Continuing its inexorable downward slide the United States hit a new low with the World Economic Forum (WEF) placing it fourth amongst the most competitive nations.

The previous year it had occupied the top slot. India may have a very highly regarded prime minister, an economist to boot, but that has not prevented the country slipping two places to the 51st position.

Switzerland, Sweden and Singapore ranked ahead of the United States. India's Asian rival China improved its standing to 29th position. The African nation of Chad figures at the bottom of the list of 139 countries.

The rankings were presented by the WEF in its annual review of the competitiveness of countries.

According to the WEF's Global Competitiveness Report 2010-11, released today, Switzerland occupies the top slot for its ability to provide the most competitive environment on several fronts. Singapore and the United States both slipped two positions from last year.

These rankings are viewed as indicators of the business climate in 139 countries and tanke into consideration a range of political, social and economic parameters.

Though Switzerland has "[state-supported] monopolies in key sectors, it maintains overall economic stability and largely open trade and investment policies," said Margareta Dryeniek Hanouz, senior economist and director of the WEF, who is also the co-author of the report.