Switzerland has climbed from second to first position in the World Economic Forum's global competitiveness report 2009-2010, replacing the United States at the top.
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The US dropped to second position due to weakening in its financial markets and macroeconomic stability, the report stated. Singapore, Sweden and Denmark complete the top five.
“The Swiss economy continues to be characterised by an excellent capacity for innovation and a very sophisticated business culture,” the report from the Geneva-based organisation commented.
The competitiveness report praised Switzerland’s scientific research institutions as being among the world’s best.
“The strong collaboration between the academic and business sectors ensures that much of this research is translated into marketable products and processes,” it added.
In its annual assessment of world economies published in May, Lausanne’s IMD business school ranked Switzerland fourth and said it had experienced a “serious drop in its attractiveness”.
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