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Friday, September 5, 2014

The U.S. Moves Up in Global Competitiveness but Still Needs Improvement to Claim #1 Spot


The U.S. is becoming more competitive according to the Global Competitiveness Report 2014-2015. For two years in a row the U.S. has been improving and has moved into 3rd place with improvements in institutional framework, business sophistication, and innovation. The process of development is moving forward but lags behind due to perceptions of governmental efficiency and decision-making. As the nation aligns around core principles and values, it will better be able to foster the right pro-growth environment.

Strengths

The U.S. has strong infrastructure, flexible labor, advanced business, and a progressive use of new information. The report cites the willingness of businesses to work with universities to create innovation and development. This innovation turns into new products, services, and operations that strengthens the entire system. 

Weaknesses:  

The business community is skeptical of government, believe that government officials play favorites, and waste their tax resources. The macro environment continues to be weak and deficits have only started to move in the right direction. 

Innovation can occur on many different fonts ranging from the individual all the way up to government operations. It is a process of sharing knowledge and collaborating with mental and physical resources to build stronger frameworks of understanding for the development of marketable products and services. When businesses and entrepreneurs have strong virtual and physical networking opportunities matched with the right business environment they can create higher levels of innovative activities. 

Government still lags behind the needs of the business community and arguably its population. There are many tools and new developments that could make government stronger. The Internet affords opportunities to develop more responsive and cost effective services for people. Transparency, stronger data management, and responsive politicians to the needs of both the business community and the average citizen are desired to develop a pro-growth environment. 

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