The US market is more competitive than it has been in the past 4 years according to the ranking system of the World Economic Forum. The US improved significantly since last year moving two places up the list to number 5 on a list measuring
competitiveness of 148 countries.
The United States is the world’s largest economy and has been, like many other nations in world, suffering post-recession.
Unlike the United States, a nation that seems to have been successful regardless of the plight of their neighbours is Switzerland. For the 5th consecutive year Switzerland has landed first place on the list of most competitive economies.
Closely following in second place is Singapore. The United Kingdom has moved down the list this year to tenth place.
The main factors to a successful national economy is said to be innovation which can potentially create new industries in a market and an efficient labour market. However in the case of the US, credit may be due to a different reason entirely.
Shale Oil and Gas
Newly discovered natural resources may have contributed much more to the nation’s economy than previously anticipated. Discovery of shale oil and gas has affectively created a new industry in the US market that had not previously existed in
any greatness. This new market has created a total of 1.2 million jobs and this number is expected to continue rising. It is predicted that in 2020, the oil and gas sector will have created 3.3 million jobs.
This new circulation of money has contributed approximately $1,200 per household according to a study by IHS consultants.
In addition to the excess money in households, the price of oil and gas has consequently decreased. The cost of natural gas has reduced by approximately 75%. This will added benefits to American families as they will now be able to save a large
amount of money off of their household bills.
According to this study, the price of gas is now up to three times as much in Europe as it is in the United States.
The new found natural resources have allowed the nation to reduce their crude oil imports by almost 20% which, in turn, has reduced the overall trade deficit by $30 million.
As more natural resources are harvested from the land and used in households, the entire nation will see more benefits. An increase of exports to other nations and a reduction in oil and gas imports will result in a large saving in the nation’s
Slowly but surely, US citizens will see an improvement in their suffering economy.