WASHINGTON (Reuters) – U.S. economy sits at the World Economic Forum's annual global survey survey for the first time since the 2007-2009 financial crisis, the Swiss body said on Tuesday.
FILE PHOTO: U.S. Pat. President Donald Trump gestures as he delivers at the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 26, 201
Global Competitiveness Report, the WEF said the US is the country closest to the "frontier of competitiveness," an indicator that ranks competitive productivity using a scale from zero to 100.
beat off Singapore, Germany, Switzerland and Japan, the other top four markets, with a score of 85.6 out of 100, the report said, due to its "vibrant" entrepreneurial culture and "strong" labor market and financial system.
The World Economic Forum, the same organization that runs the Davos meeting of global power brokers each January, bases its rankings of 140 economies on a dozen drivers of competitiveness, including a country's institutions and policies that help drive productivity.
This year the WEF has changed its methodology to better account for future readiness for competition, as a country's idea generation, entrepreneurial culture, and the number of existing that disrupt existing markets.
The last time the U.S. topped the list was 2008.
The WEF said it was too early in the process of trump administration's recent trade policies.
"While it is too early for the data to filter through this year's report, we would expect trade with China and other trading partners. "Saadia Zahidi, the managing director of the World Economic Forum, said in an email.
"Open economies are more competitive."
Reporting by Katanga Johnson; Editing by Michelle Price