Forget the Olympics: The World Economic Forum just released its 2012-2013 ranking of the most competitive economies and Switzerland took the top spot for the fourth straight year.
Notably the US continued its decline to seventh place, down from first place in 2008-2009.
The report also warned of slowdown everywhere: "It is not clear which regions can drive growth and employment creation in the short to medium term."
The report ranks 144 countries on 12 categories: institutions, infrastructure, macroeconomics, health and primary education, goods and market efficiency, higher education and training, labor market efficiency, technological readiness, financial market development, market size, business sophistication, and innovation.
10. Japan
Falling to 10th overall, and dropping behind Hong Kong as the third most competitive Asian economy, is a tough pill to swallow for a nation still recovering from the devastating tsunami and earthquake last year.
Last year's rank: 9th
Strengths: Ranks 1st in business sophistication and 2nd in R&D spending.
Weaknesses: The 2nd highest budget deficit in the world (230% of GDP) and 124th in macroeconomic weakness.
9. Hong Kong
After placing 11th the last four straight years, Hong Kong leapfrogged Japan and into the top 10.
Last year's rank: 11th
Strengths: One again best in the world in infrastructure and in the top three globally in the goods and labor markets.
Weaknesses: Educational participation is still lagging, ranked 53rd in the world.
8. The United Kingdom
Great Britain is on the rise, improving in the rankings for the fourth straight year. The summer Olympic Sames couldn't have hurt either.
Last year's rank: 10th
Strengths: The efficiency of its labor market ranks 5th in the world and its businesses rank in the top 10 in innovation and sophistication.
Weaknesses: The macroeconomic environment took a nose dive, down from 85th to 110th place. Also, public debt is 82.5 percent of GDP, ranked 127th.
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