Question

When The World Economic Forum (WEF) published its Global Competitiveness Report, why was the united states number one. what are the standards in order to be number one? and what are some reasons the United states, and other countries, achieved their places on the Global competitivness report?

Answer 1

Global competitiveness report measures the ability of the country to provide high level of prosperity to their citizens. It generally takes into consideration how effectively the country uses its available resources.

As the United States puts all the efforts in setting up institutions, policies and factors to build up sustainable competitive advantage and to offer economics prosperity to all its citizens, it was number one in Global competitiveness report.

Standards to be number one are the number of institutions opened by the government to offer the requisite skills to its employees, support offered by the government to establish business venture by its citizens and the policies of the government to support the people in earning their livelihood.

United States has opened number of institutions to improve the skills of the citizens, government is quite supportive in developing trade relations with other countries, and offers subsidy and other support to the citizens to set up their own business venture to earn a livelihood. Government also has Senior Citizens Fund to support the senior citizens during the late stage of their life when they are not capable enough to earn.