Growth and renewal in the United States: Retooling America’s economic engine
Latest report from the McKinsey Global Institute on U.S. economic competitiveness:
"With the United States slowly recovering from recession, government and business leaders face the urgent task of reigniting growth and renewal in the American economy. They need to spur faster GDP growth, create jobs, and reestablish US competitiveness in a rapidly changing global economy. This is not only a short-term challenge; what matters more is the long-term growth pattern over the next several decades. A drop in the rate of GDP growth from its historic 50-year average of 3.3 percent per annum to, say, 1.5 percent for each of the next 20 years would be far more damaging to the prosperity and jobs in the United States than even a double-dip recession sometime in the next 12 months.
To deliver economic prosperity for this generation and the ones that follow, the United States needs to retool the economy's engine so that it can run at a higher, sustainable growth rate for decades to come..."