GENEVA (AP) — A global economic group says the U.S. slipped further among competitive economies, taking fifth place due to huge deficits and pessimism about government.

Switzerland retained the top spot in the Geneva-based World Economic Forum’s annual ranking Wednesday based on economic data and a survey of 15,000 business executives.

It was followed by Singapore, Sweden and Finland. The United States was in fourth place last year, after falling from No. 1 in 2008.

The forum praised the United States for its productivity, highly sophisticated and innovative companies, excellent universities and flexible labor market.

But it also cited rising government debt and declining public faith in politicians and corporate ethics.