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U.S. Chamber Welcomes World Economic Forum Report on Global Competitiveness

Tuesday, October 7, 2008 - 8:00pm

Report on Global Competitiveness

United States Ranks Number One

WASHINGTON, D.C.—The U.S. Chamber of Commerce welcomed the news by the World Economic Forum showing that the United States is number one in its ranking of the most competitive countries in the world.

"In these challenging times, there is nothing more important now than strengthening policies and institutions that help promote the global competitiveness of U.S. businesses," said Tom Donohue, Chamber president and CEO. "We must strip away government red tape, end lawsuit abuse, and stop isolationist trade policies that restrict economic growth and job creation."

The World Economic Forum's report, The Global Competitiveness Report 2008–2009, released today also shows Switzerland, Denmark, Sweden, and Singapore topping the list. European economies continue to prevail in the top 10, however, the United Kingdom, while still competitive, is no longer in the top 10 due to weakening financial markets.

The Report's main competitiveness ranking is the Global Competitiveness Index (GCI). The GCI is based on 12 pillars of competitiveness - Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labor Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation–providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development.

"Ranking first in a study like this is no excuse to stand still," said Donohue. "In a tough global economy, the United States must continue to clear away competitive impediments if we want to restore growth, prosperity and jobs."

The rankings are calculated from both publicly available data and the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum together with leading research institutes and business organizations such as the U.S. Chamber, in the countries covered by the report. This year, more than 12,000 business leaders were polled in a record 134 global economies.

The report also includes a comprehensive list of the main strengths and weaknesses of countries to help policymakers and business leaders improve economic policies and institutional reforms. A link to the report can be found at: www.weforum.org/gcr.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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