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China drops in the global competitiveness ranking from the 26th position in 2011 to the 29th this year, according to a World Economic Forum report. It is China's first decline since the year 2005. The report says China continues to maintain its lead over emerging-market economies such as Brazil, Russia, India, and South Africa. World Economic Forum Lead Economist Jennifer Blanke says countries such as China and India need to work on their markets at home, as their economies slow down. Northern and western European countries top the rankings, with Switzerland maintaining the first rank for the fourth consecutive year. Finland and Sweden ranked third and fourth, respectively. In the Asian region, Japan, Singapore and Hong Kong emerge as most competitive economies ranking among the top 10 countries. The United States declined in ranking two spots to the 7th position. Jennifer Blanke says US market remains highly productive and efficient, but there are concerns over macro-economic environment, debt levels, and inability to control spending. For more news and videos visit ☛ http://english.ntdtv.com Follow us on Twitter ☛ http://twitter.com/NTDTelevision Add us on Facebook ☛ http://on.fb.me/s5KV2C