The United States is predicted to regain its place as the most competitive manufacturing nation in the world, according to a global survey of hundreds of executives.
The second-placed USA’s investment in talent (the number one driver of competitiveness identified) and technology saw it ranked first as an advanced manufacturing economy in the third Global Manufacturing Competiveness Index Report, by Deloitte Global and the Council on Competitiveness.
“Contrary to the view that manufacturing is dirty, dumb, dangerous and disappearing, our study points to a manufacturing future characterised by innovation-driven growth,” said Deborah L. Wince-Smith, president and CEO of the Council on Competitiveness.
“Manufacturing is sustainable, smart, safe and surging – and America will lead the world in this transformation.”
“Other traditional manufacturing powerhouses – Germany, Japan and the United Kingdom – are making similar investments that will maintain or improve their competitive positions,” it adds.
China is also investing in R&D but is experiencing surplus capacity, a slowdown in growth and other issues.
Other trends include the emergence of the “Mighty Five” group (Malaysia, India, Thailand, Indonesia and Vietnam, or MITI-V), which could be like a “new China” and make its way into the top 15 in the next five years.
The competitiveness sruvey took into account responses from 500 CEOs or senior executives. By location, 30 per cent of respondents were from Asia, 27.1 per cent North America, 19 per cent European, 11.2 per cent Middle East and Africa, and 2.7 per cent Australia.
To read the report, click here.