Survey Shows U.S. Is Most Competitive

For a second year in a row, the United States is the world’s most competitive nation, according to a survey released Wednesday that ranked 48 economies.

Singapore remained second, but Japan sank from third to fourth place, dropping below Hong Kong.

Japan had been the world leader for nine years before falling to No. 3 a year ago. The report cited Japan’s troubled economy and a decline in business confidence.

Switzerland was ranked fifth, followed by Germany, the Netherlands, New Zealand, Denmark and No. 10 Norway.

The U.S. performance was the result of government programs of deregulation and privatization, leadership in new technology and strict control on labor costs, said Stephane Garelli, professor at the Institute for Management Development in Lausanne, Switzerland which compiles the rankings.