U.S. falls out of 1st in competitiveness ranking

[DearAbby]

By Mark Scott
updated 1 hour, 13 minutes ago

A lot can change in 12 months. At this time last year, Western nations dominated the annual ranking of the world's most competitive countries by the IMD business school in Lausanne, Switzerland. Now 5 of the top 10 are from the Asia-Pacific region. Emerging-power China, ranked No. 18, has gained ground, even as No. 3-ranked U.S. and No. 22-ranked Britain slipped in the global pecking order.

"For the first time, we're seeing the creation of a self-sufficient economic block of developing countries," says Stéphane Garelli, director at IMD's World Competitiveness Center and co-author of the World Competitiveness Yearbook 2010. "They have money, markets, technology, and global brands that didn't exist 10 years ago."

The eastward shift isn't likely to end soon. While Europe struggles to rein in gaping budget deficits and the U.S. continues to suffer from high unemployment, most emerging economies have weathered the economic downturn better — and are now back to work. Commodity-rich nations such as Brazil and Russia are benefiting from rising prices for everything from iron ore to oil to soya beans. Such manufacturing giants as China and India are tapping into growing domestic markets, fueled by emerging middle classes eager to spend their renminbi and rupees.

More http://www.msnbc.msn.com/id/37236755/from/ET

[Hannah Bell]

1. bankster-backed ratings. who the hell cares?

[FBI_Un_Sub]

2. The West

wastes way too much time and effort on financial "inventions" and "innovations."

[Lagomorph]

3. In the end...

You gotta dig, cut, drill or make something.

[SocialistLez]

4. I prefer we make something. NT

[Greyhound]

5. If they've reached the critical mass that this hints at, we're toast.

Once those markets don't need us to buy their stuff, we become obsolete.