Cyprus improved its competitiveness despite the crisis and is now the 34th most competitive economy in the world among 133, up from the 40th ranking a year ago according to The World Economic Forum’s (WEF) global competitiveness report 2009/2010.

Cyprus has an overall 4.57 score compares to 5.60 for Switzerland which knocked the United States off the pedestal as the world’s most competitive economy, as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses.

The WEF global competitiveness report 2009/2010 showed economies with a large focus on financial services such as the U.S., Britain or Iceland were the losers of the crisis.

The U.S as the world’s largest economy lost last year’s strong lead, slipping to number two for the first time since introduction of the index in its current form in 2004 with a 5.59 overall score.

‘We have been expecting for some time that it may lose its top position. There are a number of imbalances that have been building up’ said Jennifer Blanke, Head of the WEF’s Global Competitiveness Network.

‘There are problems on the financial market that we were not aware of before. These countries (like the U.S AND Britain) are getting penalised now’ she said. Trust in Swiss banks also declined.

2009 – 2010 Top Ten

Rank

Country

Score

1Switzerland5.60
2US5.59
3Singapore5.55
4Sweden5.51
5Denmark5.46
6Finland5.43
7Germany5.37
8Japan5.37
9Canada5.33
10Netherlands5.32

 

Source: World Economic Forum