Switzerland has surpassed the United States to become the world’s most competitive economy, according to the World Economic Forum.

The WEF’s annual report on comparative economies cite Switzerland as both an excellent environment of innovation as well as a sophisticated business culture.

Every year the WEF, based in Switzerland overlooking lake Geneva, publishes a global ranking of the most competitive economies.

This year the WEF noted that Switzerland was characterized by both an excellent environment of innovation as well as a sophisticated business culture.

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