Japan's competitiveness ranking down to 9th

GENEVA, Oct. 8 Kyodo - The World Economic Forum said Wednesday it has lowered Japan's competitiveness rank in 2008 by one notch from the previous year to ninth among 134 countries.

While the United States retained its position as the most competitive economy,
there were few changes in countries in the top 10 list, with Switzerland and
Denmark remaining in second and third places, according to the WEF's annual
global competitiveness report.
But Britain dropped from ninth to 12th, reflecting the financial turmoil
triggered by the nationalization of Northern Rock Plc, one of the leading
British mortgage lenders. Canada instead entered the top 10.
Japan was replaced by the Netherlands in eighth place.
The WEF, a Geneva-based nonprofit organization known for its annual meeting in
Davos, Switzerland, calculates the rankings based on published data and
opinions voiced by many business leaders in the countries covered by the
report. The latest report does not reflect the ongoing global financial crisis.
Japan ranked high in the categories of technological innovation and business
environments but came 98th in terms of macroeconomic stability as a result of
its huge fiscal deficit.
==Kyodo