London dethrones New York as financial capital of the world
Australia is second in the prestigious ranking, moving up by nine positions.
The British capital London has replaced New York as financial capital of the world, posted Business Week, quoted by msnbc.com. The data was published at the World Economic Forum in Davos. A total of 55 countries were evaluated on the basis of over 120 criteria. These included: business climate, size of stock markets, extent of development of the technical infrastructure, human capital, and access to consumer and commercial loans. The biggest surprise in the ranking was the fall of the USA from the top position in 2008 to third place in 2009. Although the country is hardly impoverished, financial stability and the banking sector were seriously weakened over the course of the year. However, Business Week warned that Britain’s advantage was fragile and it was unlikely for London to maintain its ranking as the world’s financial capital for a very long time. The British Government was heavily criticised for its policy of monetary intervention, and there were serious concerns about the increase in regulations and taxes in the UK. Australia's second place in the ranking came as another surprise. It jumped nine places due to its stability, low indebtedness, and easy access to consumer credits. Singapore, which succeeded to jump 6 positions over the course of the year, is immediately behind the top three. Hong Kong ranked fifth in the WEF list, followed by Canada, Switzerland, the Netherlands, Japan and Denmark. All top 10 countries, however, reported a sharp decline in all economic criteria.
Text source: klassa.bg
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(10.11.2009)