Switzerland has kept its title as the world's most competitive economy for the fifth year running, though it needs to resist any temptation to protect its core banking sector if it wants to stay top, the World Economic Forum said on Wednesday.Sometimes smaller is better...
The Geneva-based body, most famous for gathering politicians and billionaires at an annual shindig in the Alpine resort of Davos, said the same economies made the top 10 as last year, but in a different order.
Switzerland scored well across the board, but the report said it needed to guard against complacency.
"Its banking sector is ... under scrutiny, and this traditional economic engine is necessarily undergoing great change," the report said.
"In the future, it will be important for the country to continue to build on its competitive strengths and resist over regulation and protectionism," it added.
Switzerland has been hit hard by a global crackdown on tax havens, succumbing to pressure from the EU and the United States to give up a centuries-old tradition of banking secrecy.
Wednesday, September 04, 2013
Maybe the bureaucrats who run the EU should take note: