US economy in a good position to compete: Obama

Asserting that the American economy is back on track with the creation of 7.8 million jobs in the last 44 months, and reduction in its dependence on foreign oil, US President Barack Obama has said United states is in a good position to compete around the world in the 21st century.

"We've gone farther and recovered faster than most other advanced nations.

“In a lot of ways, America is poised for a breakout.

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“We are in a good position to compete around the world in the 21st century.

"The question is: are we going to realise that potential?

“And that means that we've still got some more work to do," Obama said in his address to the Wall Street Journal's CEO Council Annual Meeting on Tuesday.

"Our stock markets and corporate profits are soaring, but we've got to make sure that this remains a country where everyone who works hard can get ahead.

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“And that means we've still got to address long- term unemployment.  We still have

to address stagnant wages and stagnant incomes," he said.

Obama conceded that the impact of the shutdown and the threat of default, not only did some significant damage to the economy at a time when the country didn't need self-inflicted wounds, but it also spoke to some of the larger problems they seen here in Washington and the sense of dysfunction and the seeming incapacity of both parties in Congress to work together to advance an agenda that's going to help it grow.

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"Beyond the headlines, we have made real progress in the economy. . .We refocused on manufacturing and exports, and today our businesses sell more goods and services made in America than ever before around the world.

"After a decade of shedding jobs, our manufacturing sector's now added about half a million new jobs, and it's led by an American auto industry that has come roaring back after decades of decline," said the US President.

"We decided to reverse our dependence on foreign oil, and today we generate more renewable energy than ever before and more natural gas than anybody in the world.

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“For the first time in nearly 20 years, America now produces more of our own oil than we buy from other countries," Obama said.

Obama said there is need to fix the broken immigration system that strengthens economy and national security.

"The good news here is the Senate has already passed a bipartisan bill that economists say would grow our economy by $1.4 trillion and shrink our deficits by nearly a trillion dollars over the next two decades," he added.