U.S. ranked No. 5 in global economic competitiveness, behind Germany

The United States hit No. 5 on the list of most competitive global economies after dropping for four straight years.

That’s according to the World Economic Forum, which moved the U.S. up two slots from last year after concluding that its economic upswing can partly be attributed to an improving financial market.

The four countries ahead of the U.S. are Switzerland, at the top spot, followed by Singapore, Finland and Germany. The Forum calculates each country’s global competitiveness by considering factors such as the ability to nurture innovation and the quality of its infrastructure.

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Rounding out the top 10 are European countries such as Sweden, the Netherlands, Britain, and the Asian locales of Singapore, Hong Kong and Japan.

The survey found that countries in southern Europe, including Greece and Spain, are still plagued with a myriad of economic problems.

Klaus Schwab, the Forum’s executive chairman, said traditional labels for countries -- such as developed or developing -- could give way to more relevant and modern distinctions.

“We will instead refer to them much more in terms of ‘innovation rich’ versus ‘innovation poor’ countries,” he said.

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