US asks if it is losing its productivity advantage

Strong labour productivity growth in China and India may force some US firms out of business, but will also benefit the world's largest economy.

According to a paper by the New York Federal Reserve, US businesses and workers competing with Indian and Chinese counterparts will likely experience "potentially painful disruptions and reallocations." But, at the same time, consumers will benefit from lower import prices and more variety. Exporters in the US may also see the demand for their goods

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