China overtakes Japan in int'l competitiveness
Ann/ The Daily Yomiuri
Japan fell to 24th place on a list of countries ranked by international competitiveness, being overtaken by 15th-ranked China for the first time, according to the World Competitiveness Yearbook 2007 released Thursday (May 10) by the International Institute for Management Development in Switzerland. The survey ranked 55 nations and regions around the world in terms of competitiveness. Japan dropped eight places from 16th in 2006, while China went up from 18th the previous year. The United States was ranked at the top of the list, unchanged from the previous year, followed by Singapore and Hong Kong. The competitiveness yearbook ranks the nations based on economic data in 323 fields, such as the ratio of outstanding public debt to gross domestic product and consumer price index, in addition to interviews from people engaged in business activities. "Japan is on a growth track, but businesspeople are not positive yet because the country has moved to a new government. The ranking may recover more the next year," the IMD official said. The IMD made positive evaluations of rising economies such as China and India, saying: "They are raising their rankings at high speed backed by rapid economic growth. Their competitiveness is developing."
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