US Economy Losing Appeal as Global Business Leader
Executives worldwide are increasingly doubtful of continued U.S. economic superiority, as educational and political hurdles threaten to compromise the nation's competitive edge. According to a survey published this week by Harvard Business School, two-thirds of surveyed executives see the U.S. falling behind as the leading environment for business.
Nonetheless, more than half of respondents - 57 percent - agreed that the U.S. economy is currently better than the average advanced economy.
Analysts point to a weak infrastructure for primary education and mounting political impasses as stifling the country's position as a global competitor. In regards to policy, tight immigration constraints, entrepreneurial hindrances and inadequate job training are chipping away at the United States' ability to attract business and professional talent.
"However, the U.S. retains its core strengths in a number of important areas such as university education, innovation and entrepreneurship, which means that we have the resources to reverse this trend," said Michael Porter, the Bishop William Lawrence University professor at Harvard.
The survey data highlights the need for business leaders, lawmakers and academics to collaborate on practical strategies to make progress, Porter added.