[Iran Press] The US has fallen to fourth in the annual rankings of the world's most competitive economies, weighed down by massive debt, the World Economic Forum says.For the first time since the World Economic Forum (WEF) began its current index in 2004, the United States slipped from second position.
According to the WEF's competitiveness ranking, a budget deficit of more than $1 trillion and waning confidence in public institutions were among the weaknesses in the world's largest economy.
"A number of escalating weaknesses have lowered the US ranking over the past two years," the evaluation of 139 nations showed. "A lack of macroeconomic stability continues to be the United States' greatest area of weakness."
"The public does not demonstrate strong trust of politicians, and the business community remains concerned about the government's ability to maintain arms-length relationships with the private sector, and considers that the government spends its resources relatively wastefully," said the report.
America's loss of competitiveness represents another obstacle to economic recovery as President Barack Obama asks Congress to take up proposals to spend $50 billion to repair and rebuild the US transportation infrastructure and spur business investment and research.
Switzerland retained the top spot as the world's most competitive economy, said the report published Thursday. The Geneva-based group released the report ahead of a meeting next week in the port city of Tianjin near Beijing.