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US Regains Status as 'World's Most Competitive' Economy for the First Time in a Decade

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For the first time since 2008, the United States tops the list of the most competitive economies in the world, according to the World Economic Forum’s Global Competitiveness Report.

During the last year of Barack Obama’s presidency, the United States ranked third behind Switzerland and Singapore.

The U.S. then moved up to second below Switzerland during President Donald Trump’s first year in office.

The top five in this year’s rankings are the U.S., Singapore, Germany, Switzerland and Japan.

The American economy received a score of 85.6 out of 100, with 100 representing the “frontier” of competitiveness.

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Indicators used to measure competitiveness include: institutions; infrastructure; ICT adoption (i.e. technologies that provide access to information); macroeconomic stability; health; skills; product market; labor market; financial system; market size; business dynamism; and innovation capability.

“America’s vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system ‘are among the several factors that contribute to making the U.S.’ innovation ecosystem one of the best in the world,'” The Wall Street Journal (behind paywall) reported.

The WEF report’s authors noted, “There is still room for improvement,” concerning the country’s economic climate.

They pointed to indicators of a weakening social fabric and highlighted the country’s homicide rate, which is five times above the average for advanced economies.

Do you think President Trump should receive credit for U.S.' return to the top of the most competitive economy list?

The report also cited a brewing trade war between the United States and China as a possible hindrance on the world’s overall economy.

While the U.S. ranked at the top of the list for the best domestic economic climate, it came in at No. 9 on the trade openness scale.

Trump tweeted a video of Fox Business Network’s Charles Payne touting America’s return to the top spot.

“First time in 10 years, baby!” Payne said. “We propelled back to the top. You know what’s interesting about this. This is the World Economic Forum, so it’s like an offshoot of the U.N., so it’s European-centric.”

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“The day after the (2016) election, the business dynamism, the business confidence that was dormant, came back to life,” he said.

House Speaker Paul Ryan also trumpeted the achievement in a tweet on Wednesday.

Both Trump and Ryan have pointed to the tax cuts passed last December and the unprecedented reduction in federal regulations as two key steps taken since the election to unshackle the American economy.

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Randy DeSoto has written more than 2,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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