The US government’s sweeping intervention in the private sector has taken its toll on the country’s competitiveness, according to an annual survey by the World Economic Forum.

The country lost its number one spot to Switzerland in the WEF report on global competitiveness, partly because of “particular concerns on the part of the business community about the government’s ability to maintain arm’s-length relationships with the private sector and in the perception that the government spends its resources wastefully”.