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World’s Most Productive Nation? Hint: It’s Not China
Productivity in China and India has doubled since 2003. But the U.S. is still at least 80% better in terms of output per hour than either, according to Oxford Economics Ltd. in Oxford, England.
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Productivity in China and India has doubled since 2003. But the U.S. is still at least 80% better in terms of output per hour than either, according to Oxford Economics Ltd. in Oxford, England. It says America also is 25% more productive than Japan.
And labor costs? China is only 4% cheaper today than the U.S. in terms of productivity per worker, according to a new research briefing.
Oxford notes that the 20% appreciation of the dollar since mid-2014 has done “significant damage” to America’s manufacturing competitiveness. But it figures productivity growth in the U.S. since 2003 has climbed 40% compared with 25% in Germany and 30% in the U.K.
The report says Mexico has emerged as a “sensible ‘near-shoring’” alternative for U.S. companies with costs 10% lower than in China. That’s a big change from 2003, when Mexico was about six times cheaper than the U.S. but eight times more expensive than China.
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