US No. 3 Among World's Most Competitive Economies

Ranking by the World Economic Forum showed the U.S. rising from No. 7 in 2012 to No. 3 currently.
3:39 | 09/04/14

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Transcript for US No. 3 Among World's Most Competitive Economies
Okay. It is Thursday September 4 -- are financial markets are open -- today's big number is three. That is -- US now ranks of the world's most competitive economies. According to a new poll by the World Economic Forum now -- third place seems less than stellar there is some good news. For that ranking everyone I'm Dan Butler in New -- here explain regular from Yahoo! finance stories on this Thursday morning Rick you first up who. And what is a World Economic Forum. The World Economic Forum -- international group that sponsors the big. Gathering of who buys and Davos Switzerland every winter. It's it's an international nonprofit it does research into global business conditions and things like that it's been doing these global competitiveness rankings for a long time so this is nothing now so what factors they use in determining this ranking. While it's important to point out -- asserts that these rankings are based on surveys of business leaders. And actually quite detailed I mean a lot of times we see rankings there just based on appalling you know. You -- a list of countries because everybody likes listing. They're fun to look at but that this is where actually quite that there's a lot of depth to this day. They -- countries based on more than a hundred different indicators it's all kinds of things. From the quality of the of the country's infrastructure the ease of doing business government regulations. Trading a labor force lots and lots of things. And the United States was a perennial number one for a long time is it was number one in these rankings as recently as 2008. It dropped is far down his number seven by 2012 and now we're back to number three south. I think we probably ought to be big pretty happy with being number three -- agree -- we are regaining lost ground who is number one by the way. Switzerland is number one Singapore is number two. And that those countries -- they're almost. Like cities states if you will compared United States I mean he gets some of these smaller countries that are often at the top of rankings like this because they. You know they don't have to spend a lot of money on armies they don't have huge cities with so that we have swollen with the underclass and things like that. I mean them they're generally in more manageable cities and that regarded actually says something that's pretty good about the United States -- it can rank is close to. Countries such as is. Right -- and if you don't look at that list right there. DC United States and you see Germany on -- Germany obviously powerhouse in the European Union -- -- yet Singapore Switzerland Finland at fourth. What's going -- I think -- -- that -- give -- don't Ron Brown wanted me there -- -- what I think we should probably ask some -- midnight I'll let all my Finnish friends are going to be heating and FaceBook now I mean but an -- though at what what are some of the factors that when it's actually putting that kind of status. Well you know that Scandinavian countries. Finland also Norway and Sweden they almost always rank very high in terms of the quality of their economy. I mean first of all these are very well run countries I mean they're very efficient. They for the most part don't have banking meltdowns like we have their very wired. They have in some cases Norway for instance oil wealth. These are just actually very well -- countries are not what -- call powerhouse countries but they have their act together is basically what it comes down to and that's why you see them. -- off almost always ranking pretty high and. Things like this are right well we are gonna hold our heads high being third in place Rick -- from Yahoo! finance on this there's -- Rick thanks so much appreciate it. -- -- Nancy and of course you can keep up with all the headlines right here on abcnews.com. You go watching the big number and Dan that's where New York.

This transcript has been automatically generated and may not be 100% accurate.

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