Less competitive.

Position:Financial News

A study by the Lausanne-based business school, IMD, showed that Switzerland has fallen from being number nine in the list of the top 10 most competitive nations to the 14th place, for the first time ever.

This study places the blame on the country's failure to implement economic reforms fast enough.

The US has been ranked number one--a position it has held since 1994--in this year's World Competitiveness Yearbook.

Commenting on the poor Swiss performance, says Stephane Garelli, the author of the report, "Them are two factors which explain (the Swiss) ranking. The first is Switzerland's growth rate, which over the past 10 years has been below the European average.

The second factor is the high...

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