The United States received an unfamiliar blow yesterday, as the World Economic Forum displaced it as the world’s most competitive economy, replacing it with Switzerland.
This is the first time that the US has lost the top spot since the index was created in 2004. The Forum cited the United States’ fragile financial markets as the reason for the ‘cut’, and at the same time commended Switzerland’s stable economy and knack for innovation. On a separate note, the USD dropped to its lowest level in 2009 against the Euro, as the global market rallied on economic recovery hopes.
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