From the Interactive Heatmap of the World Economic Forum’s Global Competitiveness Rankings.
We’re #3! In its latest report, the World Economic Forum — the Davos people — ranks the US economy as the world’s third most competitive, behind Switzerland and Singapore. So actually the US is the most competitive large economy. From the report:
The United States retains 3rd place. Although many risks arguably loom on the horizon, the country’s recovery can build on improvements in institutions—government efficiency is rated higher than in previous years—its macroeconomic environment, and the soundness of its financial markets.
The United States’ major strength is its unique combination of exceptional innovation capacity (4th), large market size (2nd), and sophisticated businesses (4th). The country’s innovation capacity is driven by collaboration between firms and universities (2nd), human capital (4th on availability of scientists and engineers), and company spending on R&D (3rd). The United States also benefits from flexible labor markets (4th) and an overall well-developed financial sector (5th).
However, as accommodative monetary policy will slowly phase out and the US dollar has strengthened, the country will have to embark on a range of reforms to ensure that productivity growth picks up. These include improving the quality of education (18th), in particular at the primary level, and continuing to stabilize its macroeconomic environment (96th), which must include addressing high health and social security costs and ensuring continued strengthening of the financial system. Last but not least, further improvements to the institutional environment (28th) would put growth on a more sustainable footing.
So all the really big problems seem to be with government: poor schools, unfinanced entitlements, and inefficient Washington itself — shutdowns and debt ceiling crises. As for our innovation ranking, pretty good — though I would say the #4 ranking actually understates things. Too much emphasis on what government is doing vs. this.
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