Forbes, popular business and finance magazine, revealed that the US ranks 23rd in their annual edition of Best Countries for Business.
The world’s largest economy continues a decade-long trend of steady decline in ranking.
Sliding down one spot to its current position, the United States seems to be plodding along in a haze of economic stupor.
Its present ranking is a far cry from where it stood in 2006, when it topped its global competitors by achieving first place.
Forbes has cultivated its ranking for the last 11 years over 139 countries, and gauges success based on the following criteria:
It cites that poor scoring on “trade and monetary freedom, along with rising levels of red tape and bureaucracy” negatively influenced the US’s potential for capital investment.
With President-Elect Donald Trump fast approaching his inauguration on January 20th, his campaign pledge to “make America great again” will be put under increasing scrutiny.
Experts and economic pundits are skeptical that he will be able to make true his claim, especially amidst threats of imposing steep trade tariffs on companies that offshore jobs.
Forbes also recently Tweeted the four best countries in the world for business, with Sweden dominating the chart for the first time in 2017.
Sweden’s improvement from No. 17 in 2006 is due to cuts to its welfare state, deregulation, and self-restraint concerning budget. Furthermore, it achieved seven out of Forbes’ 11 categories.