ECONOMY » FEATURED

British think tank Legatum Institute: The U.S. flies out of the club of wealthy!

October 28, 2013   ·   0 Comments

Faster, higher, stronger: For decades, the United States was used to it that there is only one direction for their development – to the top. Whether. In the areas of technology, culture or economic innovation, the United States gave to the beginning of the 90s the tone And that was also reflected in the economic prosperity and welfare of the population.

But for some years a trend has been observed, which indicates a different direction. 2013 no longer include the United States for the first time among the 20 wealthiest economies in the world, as a study by the British think tank Legatum Institute occupied. Its annual report “Legatum Prosperity Index” has the U.S. ranked 24th out of 142 in the area of economic prosperity. Americans never ranked on a worse place since the Legatum numbers rose for the first time seven years ago.

Meanwhile, a number of European and Asian countries in America are pulled over. In the area of ​​economic prosperity, these include France (No. 22), South Korea (19) and Germany (nine). China comes to a good seventh place.

“Money is not everything” when prosperity

For its annual report, the British think tank not only the gross domestic product as a measure of prosperity in the foreground. Much more also further economic data are considered, can provide information about the well-being of their populations.

And in addition to economic data fields such as business start-ups, governance, education, health, safety, personal freedom and social capital are taken into account in practice. “Money is not everything,” says Jeffrey Gedmin, President of the Legatum Institute. The index is trying to paint a fuller picture of prosperity and well-being of a nation.

The decline of the U.S. economy in the area took place particularly rapidly: in just five years, Americans forfeited here are eleven places. “The United States can no longer be counted among the most prosperous economic powers – in fact they are not even in the club of the best with it,” says Gedmin fixed.

The reasons for this are complex and ultimately due to a combination of several factors, the economic experts from London say. On the one hand lies the unemployment rate in the U.S. with 8.9 percent higher than in sensitive emerging countries such as Taiwan (4.3 percent) and South Korea (3.4 percent). In addition, more and more Americans fall back in the export of high-tech products. While U.S. exports have plummeted to 18 percent in this area, specify the new Asian tigers such as Malaysia and South Korea with 43 and 25 percent respectively tidy.

Reduced standard of living of Americans

Even though the U.S. economy is slowly beginning to recover from the financial crisis, Americans were also able to cover less money last year. Compared to 2009, satisfaction with standard of living had decreased further, and the access to food and a roof over their head has decreased according to the study.

So it is hardly surprising that also the dissatisfaction with the U.S. government is growing. The Legatum study even makes a striking loss of confidence of the Obama administration: While approval ratings have fallen from 51 percent in 2010, now only 35 percent were satisfied with the work of the U.S. president.

“Our study clearly shows that Americans are struggling with growing challenges and confidence in the current government wanes,” says Legatum President Gedmin. Only if you staying the decline of economic prosperity, could prevent a further drop in the living standards of most Americans. Gedmin therefore strongly urges the White House to take action on. “If the government has to accept to lose its coveted status as a superpower and continued to fall in the reputation of their own citizens.”

Germany operates forward

Looking at the standings, so still lead the Norse to the field. As in the previous four years Norway in 2013 adamantly defended the top position, followed by Switzerland, Canada, Sweden, New Zealand and Denmark.

It is interesting to take a closer look at Europe. In the overall evaluation of all the factors most Germany has risen and is now working on rank 14 before. The Federal Republic has become outdated and even Britain on the 16th Referenced place. The British are so fallen three places to the rear. None of the other old members of the European Union, Germany is doing the same – only the former communist countries in Eastern Europe such as Slovenia (No. 24), Czech Republic (29) and Estonia (36) increase strongly.

If the figures for the UK are likely to make the local government little courage, president of the Legatum Institute identified at least one reason for optimism: “In comparison to the previous year and more people believe that hard work will bring them forward,” said Jeffrey Gedmin. Now the British government must it only draw the right conclusions. Ie: create incentives to enter the labor market and improve the conditions for entrepreneurs.

www.welt.de

Automatic translated from German

By


Readers Comments (0)


Sorry, comments are closed on this post.