We're number one? Not when it comes to our readiness in taking advantage of the continued globalization of trade. In fact, the United States ranks next to last—ahead of Japan but after Italy—according to a study conducted by UHY, a global network of independent audit, accounting, tax, and consulting firms.
The United States is positioned well behind many European countries and China based on a number of factors; the only category where the United State fares well is in ease of doing business, where it ranks fourth among 27 developed and emerging economies. Some will shrug this off. As unemployment remains stubbornly high and wages are stuck in neutral, they ask, do we really need to focus on our standing in the globalization sweepstakes? UHY analysts think we should. As the pace of globalization continues, write the authors, rising incomes and increased consumption in emerging economies will be key drivers of economic growth in the years ahead.