labels: economy - general, world economic forum
US loses ground as technology leader to Nordic countries news
02 April 2007

A new report by the World Economic Forum says that the US has lost its position as the world''s primary engine of technology innovation. The US is now ranked seventh in the rankings measuring the impact of technology on the development of nations.

Denmark, followed by Sweden head the list followed by Singapore, Finland, Switzerland and the Netherlands ahead of the US. Iceland, the UK and Norway are the other among the top 10.

According to the report, the decline in the political and regulatory environment in the US was responsible for the fall.

Countries were judged on the integration of technology in business, the infrastructure available, government policy favourable for fostering a culture of innovation and progress and leadership in promoting the usage of the latest information technology tools.

The sixth annual ranking of the Networked Readiness Index published by the World Economic Forum with the Paris-based business school Insead, evaluated the progress of 122 economies worldwide.

Despite losing its top position, the US still maintained a strong focus on innovation, driven by one of the world''s best tertiary education systems and its high degree of co-operation with industry, the report said.

While countries from Asia and the Pacific continued to improve their rankings, China and India''s rankings declined. India declined from 40 in 2005 to 44 in 20-06, thanks to weak infrastructure and a very low level of individual usage of personal computers and the internet.

China slid to 59th place, down nine positions, with information technology uptake in Chinese firms lagging.


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US loses ground as technology leader to Nordic countries