The educational system as well as technological features also indicate how prepared an economy is to go through a transition towards an economy based on knowledge; Diversity and distinctiveness – can be understood in two dimensions – subtlety and innovation of the business environment. At the same time, the world of business is driven to adjustment by a combination of market volatility, globalization and transformation brought on by innovation. Overall, the report uses 26 indicators, divided into five key areas that best capture what is new about the New Economy: 1. The impact of these challenges is disruptively accelerated by advances in science and technology, demographic changes and disruptions in established business models. The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum.Since 2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index, developed by Xavier Sala-i-Martin and Elsa V. Artadi. Factors Affecting Global Competitiveness. Categories:  Innovation, Global Competitiveness, Education and Workforce, This report reaffirms the importance of rebuilding a globally competitive, innovation-based advanced manufacturing sector in the United States. Since 1979, when Klaus Schwab published the first edition, the series has been providing policy-makers and other stakeholders around the world with an annual assessment of the drivers of long-term growth. o What are future scenarios across advanced manufacturing sectors in the technology areas of semiconductors, advanced materials, additive manufacturing, and synthetic biology? This will require a range of reforms. Categories: Innovation, Global Competitiveness, Federal and Industry Collaboration, Education and Workforce, Productivity, Numerous provisions in federal law are intended to support manufacturing in the United States. Categories: Innovation, Global Competitiveness, Education and Workforce, Regulatory and Policy Recommendations, Sustainability, This report offers observations and recommendations on how to increase small and mid-size manufacturers (SMMs) SMMs' contribution to manufacturing exports; and answers questions related to: the importance of exporting to SMMs with the greatest export growth potential, types of assistance exporters need, the importance of innovation and supply chain for growing exports, and export assistance in a a limited funding environment. Many industries need to operate more efficiently, and competitiveness needs to be strengthened. Categories: Innovation, Global Competitiveness, Education and Workforce, China will likely be the biggest business disruptor of the 2020s, but the discussion about how to respond has yet to take shape. Another factor determining the economic competitiveness of cities is the quality of institutions[2]. The paper also discusses the phenomenon of reshoring in more detail, by unpacking the concept itself and analysing the different motivations why companies choose to reshore activities. A new cadre of federally-designated "Manufacturing Universities" that revamp their engineering programs with particular emphasis on work that is relevant to manufacturing firms while providing engineering students with real-world work experience should be part of the solution. In our latest report, we examine the economic costs of a sub-optimal regulatory environment and offer seven recommendations to overcome them. Since 2009, exports have helped pull the U.S. economy out of the devastating recession that occurred between 2007 and 2009. Nonetheless, approaching a new perspective in this matter literally means walking into the lion’s den. This paper focuses on technology and competitiveness, the federal role in technology development, legislative initiatives, and current technology development programs. The growth of robots and 3D printing, which give manufacturers the ability to offer customized products that are superior in some dimensions to mass production and can be delivered quickly and cheaply. … Despite this improvement, there is not yet evidence to support the notion of a U.S. manufacturing "renaissance." Categories: Federal and Industry Collaboration, Global Competitiveness, Regulatory and Policy Recommendations, "This Policy Brief examines data that are more recent and more detailed than data previously used to refute the claims of US manufacturing weakness and present new evidence of its strength and breadth. Some are not yet ready for application at scale. This study by IDC, looks into how companies are leveraging data to improve customer experiences, open new markets, make employees and processes more productive, and create new sources of competitive advantage – working toward the future of tomorrow. The position of the World Economic Forum’s representatives is that competitive economies are the most likely to support a sustainable and inclusive development, meaning that all members of society will benefit from the economic growth. In the 2015-2016 report, Romania ranked 53rd out of 140 states, the most problematic factors undermining business dealings being: the tax rates, the inefficient governmental bureaucracy, the access to funding, the inadequate infrastructure and corruption. Turbulence is the new normal. Categories: Current State of Manufacturing, Innovation, Capital and Cost, Global Competitiveness, Federal and Industry Collaboration, Education and Workforce, This paper discusses why America needs a National Network for Manufacturing Innovation. This section deals with the possible shift from the New Public Management theory to decentralization and self-determination. Companies are seeing that what works domestically, doesn't necessarily work internationally. the aforementioned analysis of Citigroup or the investment made by J.P. Morgan in the new blockchain technology[3]) managed to develop capabilities/capacities for scanning the horizon and identifying the key factors and forces shaping the future. Nonetheless, while the manufacturing expansion is robust, it has not been even across manufacturing industries and the states. Categories: Current State of Manufacturing, Capital and Cost, Global Competitiveness, History has amply demonstrated that innovation in the public and private sectors is the most important key to long-term U.S. prosperity and economic competitiveness. 2)U.S. metropolitan areas have become increasingly specialized in manufacturing since 1980, but they vary widely in their manufacturing activities and focuses. 3)Manufacturing in most metropolitan areas follows one or more of six broad patterns of industry cleaning. Recently, the growing appetite for competitive intelligence as compared to business intelligence and marketing intelligence resulted from the fact that the former entails a process of collecting and analyzing the information about the competitors and the industries in which they conduct their activities, with the aim of helping the organization to make better decisions in order to achieve its goals. Extremely relevant, for this dimension, is the study commissioned from The Economist’s Intelligence Unit publication by Citigroup, titled "Hotspots 2025 – Benchmarking the future competitiveness of cities". What started with call centers is spreading to encompass everything fro… Policy Power Hour Ensuring America's Global Competitiveness. As such, competitiveness becomes global when it affects large parts of the world. The digital economy; 5. But in reality, economies are constantly evolving complex ecosystems. Improving competitive position (34%) and attracting new or different types of investors (33%) are also frequently cited. Categories: Innovation, Global Competitiveness, Education and Workforce, Conditions for U.S. manufacturing are certainly better than they were a decade ago, as employment and output are both growing, albeit slowly. Categories: Current State of Manufacturing, Innovation, Global Competitiveness, Federal & Industry Collaboration, Education and Workforce, Regulatory and Policy Recommendations, This report offers observations and recommendations on how to increase small and mid-size manufacturers (SMMs) SMMs' contribution to manufacturing exports; and answers questions related to: the importance of exporting to SMMs with the greatest export growth potential, types of assistance exporters need, the importance of innovation and supply chain for growing exports, and export assistance in a a limited funding environment. All are developing rapidly. Categories: Current State of Manufacturing, Innovation, Global Competitiveness, Federal and Industry Collaboration, Supply Chain, The 2012 State New Economy Index builds on prior State New Economy Indexes published in 1999, 2002, 2007, 2008 and 2010. The result of successfully competing in a global market has its benefits, but it's not without its challenges. The first section of the report focuses on the importance of U.S. manufacturing in relation to economic growth, employment, the environment, and trade/investment. Economic indicators are divided into three pillars with 12 distinctive areas, according to the World Economic Forum. Therefore, we enumerate: the global economy, the business environment per se, innovation and change, the society and the labor market, education and development. ... the role of technology and global competitiveness. By combining insight, models and action the Platform serves as an accelerator for emerging solutions, pilots and partnerships. Export Assistance Strategy for Manufacturers - June 2013, Manufacturing Extension Partnership (MEP), CYBERSECURITY RESOURCES FOR MANUFACTURERS, The National Economic Impact of the MEP Program Fiscal Year 2019, 30 Years of Advancing U.S. Manufacturing: The MEP National Network, A Manufacturing Tour of America's Craft Beer Industry, Cybersecurity Strengthens U.S. Manufacturers, Growing cities that work for all: A capability-based approach to regional economic competitiveness, Manufacturing Scorecard 2020 – October 2020, The 2020 State New Economy Index – October 2020, Competing With China: A Strategic Framework – August 2020, The growing digital divide in Europe and the United States – April 2020, Policies to Improve US Competitiveness, Spring 2020 Conference Papers – April 2020, Manufacturing Scorecard 2019 – November 2019, Robotics and the Future of Production and Work – October 2019, Standards for the Digital Economy: Creating an Architecture for Data Collection, Access and Analytics – September 2019, The Way We Were: The Changing Geography of US Manufacturing from 1940 to 2016 – June 2019, Maximizing job-creation bang-for-buck by reducing import leakages – June 2019, Smart Factories:  Issues of Information Governance – March 2019, The Digitization of the World From Edge to Core – November 2018, The Rise of the Internet of Goods A New Perspective on the Digital Future for Manufacturers – August 2018, Middle Market Manufacturing How to Thrive in a Transforming Environment – June 2018, Why Manufacturing Digitalization Matters and How Countries Are Supporting It – April 2018, The 2017 State New Economy Index: Benchmarking Economic Transformation in the States – November 2017, Revitalizing America’s Manufacturing Communities – October 2017, The Next Production Revolution Implications for Governments and Business – May 2017, What Is Manufacturing? In doing so, the paper aims to help guide the policy discussions on reshoring in light of the actions and plans that haven been taken by some governments in OECD countries. Those advocating for renewed attention on manufacturing argue that the United States is falling behind other countries across a broad set of measures and they argue that this relative decline can be mitigated or reversed by government policy. Characterized by its deep involvement with technology research and development (R&D) and STEM (science, technology, engineering, and math) workers, the sector encompasses 50 industries ranging from manufacturing industries such as automaking and aerospace to energy industries such as oil and gas extraction to high-tech services such as computer software and computer system design, including for health applications. The SOP IEC 2007-2013 report mentioned that “rising competitiveness cannot be perceived/seen as the exploitation of short-term advantages (e.g. The concept is widely misunderstood, with Nonetheless, approaching a new perspective in this matter literally means walking into the lion’s den.Tackling such a challenge was a consequence of the subtitle of the Sectorial Operational Programme “Increasing Economic Competitiveness”, namely “Investing in your future” (structural instruments 2007-2013). Categories: Current State of Manufacturing, Global Competitiveness, Federal and Industry Collaboration, Education and Workforce, In his 2010 State of the Union Address, President Obama announced the National Export Initiative (NEI) as part of a government-wide strategy to promote exports. Categories: Innovation, Global Competitiveness, Education and Workforce, The 2012 Edition of the Facts of Manufacturing is a collection of the key facts and figures that define the state of the U.S. manufacturing industry. https://www.nist.gov/mep/global-competitiveness, May 2019 Almost without exception, these provisions define manufacturing as the process of physically transforming goods. This new report addresses and refutes many misconceptions on the state of manufacturing today. As such, these industries encompass the country's best shot at supporting innovative, inclusive, and sustainable growth. Data value chains would allow participants in existing supply chains to share data, gain new insights, solve problems and become more efficient. In the face of such an all-embracing change, the need to develop a rigorous understanding of the emerging stimuli of change and the preparation of potential future scenarios (contingency planning and prospective studies) becomes more and more evident, both in the academia and the business environment. Conflict and Poverty. The results focus on four empirical investigations pointing to the growing strength of US manufacturing, and, in many cases, refuting or updating previous claims. It lays out key challenges facing the U.S. manufacturing sector, advances reasons why the nation should care about manufacturing, and sets forth the rationale for an active federal role in fostering manufacturing innovation. The Market for Ideas is an essay journal “made in common sense”, hosting a community of individuals and a communion of individualities. Challenge: Fueling Investments in the Innovation and Production Economy from Start-up to Scale-up Solution: Enact fiscal reform, transform tax laws, regulations and other structural costs to spur investment, ramp up production, capitalize growth companies, and create skilled jobs 2. The report further examines how the development of common standards can facilitate technology adoption and proposes a typology that helps conceptualize different manufacturing production systems and strategies, showing how these need to be supported by varying digital toolsets. Emerging markets, with populations that are young and growing, will increasingly become not only the focus of rising consumption and production but also major providers of capital, talent, and innovation. Categories: Current State of Manufacturing, Innovation, Global Competitiveness, The focus of this article is on Industry 4.0, the next phase in the digitization of the manufacturing sector. For that reason, this report provides a wide-angle overview of the advanced industry sector that reviews its role in American prosperity, assesses key trends, and maps its metropolitan and global competitive standing before outlining high-level strategies to enhance that. The development of a “prospective radar” of the business environment is required. Perhaps the most visible component of China’s global competitiveness is the size of its economy. Key Takeaways Key Points. To put it differently, the achievement of medium and long-term convergence perspectives as well as a successful integration of the Romanian market need to take into consideration the development of an economy based on knowledge. Related. Future Development. International company structure. These same factors present new opportunities for domestic manufacturers of rail cars and equipment to benefit, however, historical and structural barriers to seizing these opportunities exist. Categories: Current State of Manufacturing, Global Competitiveness, Federal and Industry Collaboration, Supply Chain, Deloitte and the Council on Competitiveness (Council), as part of their multi-year Manufacturing Competitiveness Initiative, embarked on the Advanced Technologies Initiative study to better understand the US innovation ecosystem, identify the most promising technologies impacting the manufacturing industry, as well as understand current and future trends in US and global scientific research and development (R&D). America can not be perceived/seen as the exploitation of short-term advantages ( e.g past 25,...: //www.visualcapitalist.com/74-trillion-global-economy-one-chart, http: //www.visualcapitalist.com/74-trillion-global-economy-one-chart, http: //www.visualcapitalist.com/74-trillion-global-economy-one-chart, http: //www.visualcapitalist.com/74-trillion-global-economy-one-chart,:. 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