Half of the top 10 are European and the U.S. is still No. 1, but Asia's tigers are coming on strong
Asian economies are overtaking the U.S. and Northern Europe to become the most competitive in the world, according to an annual study by one of Europe's top business schools.
The 20th World Competitiveness Yearbook, released May 15 by IMD business school in Lausanne, Switzerland, ranks the U.S. No. 1 for the 15th straight year. But the report's author, professor Stéphane Garelli, expects Singapore to take the top spot next year. The small city-state trails the U.S. by less than seven-tenths of a point in the 2008 rankings. While it still has the world's strongest domestic economy, the U.S. is particularly vulnerable because its financial sector contributes 40% to corporate profits.
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