Japan slipped one spot in this year’s global competitiveness rankings, to 10th place, with one of the reasons being the poor assessment of its public debt standing, according to an announcement made by the World Economic Forum on Wednesday.
Switzerland remained number one on the list for the fourth year in a row, while Singapore kept the second place, Kyodo reported. South Korea gained five places to 19th spot, while China fell three places to 29th spot.
United States occupied the ninth place, two spots below last year’s performance.
WEF’s Global Competitiveness Report 2012-2013 was compiled by taking into account 12 criteria, like business environment and educational standards, and by interviewing business managers.