US manufacturing is key to competitiveness
US global competitiveness is slipping. But there is some good news: US manufacturing is in the midst of a revival. Preparing a skilled workforce for the manufacturing sector should be one of the Obama administration’s top economic priorities. This can boost competitiveness.
US competitiveness in the global economy is slipping. According to the IMD World Competitiveness Yearbook, the United States fell from its number one slot, mainly due to a dramatic slide in its Government Efficiency ranking, where it has fallen from 5th place in 2002 to 22nd today. And the World Economic Forum’s Global Competitiveness Report puts the US in 7th place, down from 1st in 2007.
If this isn’t worrying enough, 71 percent of more than 10,000 Harvard Business School alumni surveyed expect US competitiveness to decline over the next three years. In the World Bank’s Doing Business Report, the US ranks 4th in terms of the ease of doing business, including a dismal 69th place for the ease of paying taxes. And the Information Technology and Innovation Foundation puts the US second-to-last on the rate of progress on innovation-based competitiveness since 2000, ahead of only Italy.
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