Growth and renewal in the United States: Retooling Americas economic engine
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McKinsey explains that this acceleration must come both from efficiency gains and from increasing the volume and value of outputs for any given input.
Growth and Renewal in the United States: Retooling America's Economic Engine
The Institute identifies areas of the economy that hold potential productivity gains. Even under current regulation, McKinsey has found that businesses can achieve three-quarters of the necessary productivity growth acceleration.
For example, three-quarters of this growth can be achieved by adopting best practices in the private sector and implementing emerging business and technological innovations. These innovations include enhanced supply chain integration, greater responsiveness to evolving customer preferences and behavior, and innovating in what, and how, goods and services are provided to customers. The public sector must also play its part. To obtain the last one-quarter of the acceleration government needs to act on economy-wide barriers that limit productivity growth.
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The report identifies seven imperatives:. Customer Reviews Good report. Uneven progress on the path to growth Various Authors. Turning Buzz Into Gold: Customer Ratings We have not received enough ratings to display an average for this book.
To match the GDP growth rates of the past 20 years, the United States needs Growth and renewal in the United States: Retooling America's economic engine. Byron Auguste. Samantha Test. McKinsey Global Institute. February Growth and renewal in the. United States: Retooling. America's economic engine .
Building inclusive cities, sustaining economic growth. How to Compete and Grow: Growth and competitiveness in the United States: The role of its multinational companies. Businesses can achieve three-quarters of the necessary productivity growth acceleration in the current regulatory and business environment. Companies can achieve one-quarter of the acceleration by more widely adopting best practice.
Even in such sectors as retail, where US businesses have a strong productivity record, there is scope to do more e. Aerospace companies may be leading global exporters but they have yet to adopt lean practices in the systematic way seen among best-in-class automotive players.
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The public sector and regulated sectors such as healthcare, which have not faced as strong competitive pressure, offer another large opportunity. Healthcare players have just begun to adopt lean. Hospitals have room to improve how nurses spend their time—at some hospitals, nurses spend less than 40 percent of their time with patients—and to improve their discharge and admissions processes.
Implementing emerging business and technology innovations can achieve a further half of the necessary acceleration. Opportunities lie in enhanced supply-chain integration, greater responsiveness to evolving customer preferences and behavior, and innovating in what and how goods and services are provided to customers.
To obtain the last one-quarter of the acceleration—and potentially more—government and businesses need to act on economy-wide barriers that today limit productivity growth.
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MGI sees seven major imperatives:. Public and regulated sectors such as healthcare and education represent more than 20 percent of the US economy, but have persistently low productivity growth. Innovation can increase the quality and quantity of goods and services produced, contributing to productivity gains. Specifically, the United States needs to ensure that the IT infrastructure and technologies are in place to capture fully the transformational potential of existing and new technologies.
High-growth emerging economies and the companies that propel them Report - McKinsey Global Institute. The role of its multinational companies. You can read the full report here. Companies can achieve one-quarter of the acceleration by more widely adopting best practice. There are enough opportunities to apply best practice across the economy and tap the next wave of innovation to achieve the broad-based productivity acceleration necessary to match, and even surpass, historic GDP growth rates.
The potential runs from Big Data—data-driven business decisions and actions—to cloud computing and the application of advances in biology and the life sciences. Develop the US talent pool to match the economy of the future and harness the full capabilities of the US population.
The US talent pool is not growing fast enough to meet future demand. In aerospace, 60 percent of the workforce is over 45 years old compared with 40 percent in the overall economy. The United States could alleviate such shortages by removing barriers to older workers staying in the workforce longer e. US infrastructure is not only inadequate to meet the needs of a dynamic, growing, and productive economy, but its quality has been in relative decline. The United States today ranks 23rd in the quality of its infrastructure. There is major scope for the United States to identify and implement leading-edge practices from project selection to financing and delivery, sometimes through public-private partnerships.