The Global Competitiveness Report 2009 - 2010 by Klaus Schwab

By Klaus Schwab

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9 See C˘ihák and Mitra 2009 for a discussion of financial sector reform in the region. According to the GCI results, the soundness of the banking sector is approximately at the level of Western Europe; however, this is the result of the relatively more critical assessment of this indicator in the EU15 in 2009. The Global Competitiveness Report 2009-2010 © 2009 World Economic Forum Box 4: The competitiveness of the BRICs amid the global economic crisis Although the present major economic crisis began in the advanced economies, it rapidly spilled over to the developing world through the contagion mechanisms of reductions in trade, foreign direct investment, remittances, and other types of financing.

64 10. ) The Global Competitiveness Report 2009-2010 © 2009 World Economic Forum PILLARS EFFICIENCY ENHANCERS Country/Economy Libya Lithuania Luxembourg Macedonia, FYR Madagascar Malawi Malaysia Mali Malta Mauritania Mauritius Mexico Mongolia Montenegro Morocco Mozambique Namibia Nepal Netherlands New Zealand Nicaragua Nigeria Norway Oman Pakistan Panama Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Romania Russian Federation Saudi Arabia Senegal Serbia Singapore Slovak Republic Slovenia South Africa Spain Sri Lanka Suriname Sweden Switzerland Syria Taiwan, China Tajikistan Tanzania Thailand Timor-Leste Trinidad and Tobago Tunisia Turkey Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Venezuela Vietnam Zambia Zimbabwe 5.

Repeated fiscal deficits have led to burgeoning levels of public indebtedness, which are presently being exacerbated by significant stimulus spending. For more analysis of the competitiveness of the United States, see Box 2. The country’s institutions continue to be ranked as the best in the world; at a time when confidence in governments in many countries has diminished, they are assessed even more strongly than in past years. Singapore places 1st for the efficiency of its goods and labor markets and 2nd for its financial market sophistication, ensuring the proper allocation of these factors to their best use.

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