US loses economic top slot

US loses economic top slot

US slides down competition league

By Philip Thornton, Economics Correspondent
Published: 27 September 2006

The United States has lost its top slot in a global ranking of economic competitiveness published yesterday because of mounting concern among businesses over its budget deficit and crumbling faith in its institutions.

The world’s largest economy fell from first to sixth place in the World Economic Forum’s annual survey that is based on interviews with 11,000 business leaders.

The harsh verdict comes a week after the International Monetary Fund highlighted a US slowdown as the biggest threat to the world economy.

This is so not good.

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