U.S. Economy Most Competitive in the World
Oil's nearing $100 a barrel, and despite the stronger than expected growth rate in the third quarter, business confidence is as low as it was when the economy was just climbing out of a recession in 2002. With so many worrying statistics and gloomy predictions, it's hard to know how optimistic to be about the U.S. economy.
The World Economic Forum's Annual Competitiveness Report is out today, however, and it gives American business something to smile about. We're number one. From the report highlights:
The United States is assessed this year as the world's most competitive economy. The country is endowed with a winning combination of highly sophisticated and innovative companies operating in very efficient factor markets. This is buttressed by an excellent university system and strong collaboration between the educational and business sectors in research and development.... However, a number of weaknesses in more basic areas, particularly related to macroeconomic imbalances and some aspects of the institutional environment, continue to pose a risk to the country's overall competitiveness potential. These areas require attention from the government to ensure that the country maintains its competitive edge in the future.The report might not tell you how to do your job better this afternoon, but it could contribute to how you think about business and public policy, and give you food for thought before you go into the voting booth. Also, the report now examines the competitiveness of 131 countries, providing extensive information and data on the strengths and weaknesses of their economies.
(Image of fortune for the competitive by Aaron Gustafson, CC 2.0)