The US has again topped a widely-watched index ranking country competitiveness, despite the financial crisis that has left it and other highly ranked nations facing market meltdown and a prolonged economic downturn.

Switzerland, Denmark and Sweden retain their second, third and fourth places respectively in the league table compiled by the Geneva-based World Economic Forum.

Among the world's economic heavyweights only two apart from the US feature in the top ten – Germany, ranked seventh and Japan, ranked ninth. The UK has dropped three places from ninth to twelfth. Singapore, Finland, the Netherlands and Canada take the remaining top ten places.