The US has tumbled further down a global ranking of the world's most competitive economies, landing in fifth place due to huge deficits and declining public faith in government, a global economic group said yesterday.

The announcement by the World Economic Forum is the latest bad news for President Barack Obama's administration, which has been struggling to boost a sinking economy and lower an unemployment rate of more than 9 percent.

Switzerland held on to the top spot for the third year in the annual ranking by the Geneva-based forum.

Singapore moved up to second place, bumping Sweden down to third. Finland moved up to fourth place from seventh last year. The US was in fourth place last year, after falling from first in 2008.

The rankings are based on economic data and a survey of 15,000 business executives.

China's competitiveness ranking improved this year from 27th to 26th, continuing to lead the way among large developing economies.

Among the four other BRICS economies, South Africa (50th) and Brazil (53rd) moved upward, while India (56th) and Russia (66th) experienced small declines.

Source:shanghaidaily