Market Analysis

Director-General of General Electric Co Jeff Immelt said the U.S. should once again make the mainstay of the economies of production and exports, if they want to get out of a deep recession, reported Reuters.

major economies can no longer rely on consumer spending as the driving force behind the demand for and reliance on the financial wonders of Wall Street if it wants to maintain a high standard of living of its population, said Friday the head of a major U.S. conglomerate.

We must get rid of the arrogance, false perceptions and feelings that everything will be OK simply because we are America - Immelt said at the Detroit Economic Club meeting. - We have lost their competitive advantages, and it hit middle class .

United States should take in the production of about 20% of the labor force, double the current level, he said. His company, which is the world's largest manufacturer of aircraft engines and turbines, on Friday announced that it will build in the suburbs of Detroit new scientific and production center, which will be 1.1 thousand people. This decision reflects a belief Immelta that GE, like many other American companies that passed too many important technological processes, and outsourced to foreign entities.

To ensure economic growth, the United States must reduce its dependence on the financial sector, warned Immelt. At a time when American rivals to develop production and applied research, we do not pay enough attention to technology - he said. - Our economy is focused on getting quick profits the financial sector. This is a lesson learned GE, whose shares in the past year have lost 58% because of falling profits in the financial unit of GE Capital.

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