America's upside
????It's clear that all is not well in the U.S. marketplace: Unemployment is high. Investors worry about the implications of enormous debts and deficits at home and across Europe. The U.S. housing market has been a mess since the collapse of home prices in 2007 and is showing few signs of improvement. We've lost faith in our politicians. It's hard not to wonder if the U.S. has lost its competitive edge.
????Emerging economies are catching up rapidly. China, the world's second-largest economy next to the U.S., expects an average of 9% growth a year for the next decade. The U.S., whose economy barely grew during the first half of this year, will be lucky to see much more than 2% growth this year.
????But amid the doom and gloom, the U.S. is still the place most investors and businesses around the world turn to for opportunity -- even though Brazil, Russia and other emerging economies are increasingly catching up. Analysts at U.S. Trust, the private wealth management division of Bank of America, recently reminded clients in a note about "What's right with America."
????Fortune highlights five of those points, along with a dose of analysis and -- ahem -- skepticism.
Biggest and most productive economy
????The Chinese may buy more Prada handbags these days than most Americans, but the U.S. is still the world's biggest and most productive economy in the world.
????Around this time last year, China passed Japan to become the world's second-largest economy. But while many analysts say the East Asian giant could eventually surpass the U.S. by 2027, most Americans are still far richer than most Chinese. China's GDP per capita was $4,393 in 2010, while the U.S. is much wealthier at $47,184 per capita, according to the World Bank.
????The U.S. is also the most productive economy in the world, with just as much output in a year ($14.6 trillion) as the next three biggest economies -- Japan, China and Germany. Admittedly, while American workers are the world's most productive on an output per person basis, Norway in 2010 produced 25% more per hour (the best measure of productivity) than the U.S., according to the U.S. Bureau of Labor Statistics.
Tops in foreign investment
????China and Germany may sell many more goods and services abroad, but the U.S. remains the world's hot spot for foreigners investors. In 2009, foreign companies invested $3.1 trillion in the U.S. -- triple that of France and the United Kingdom and more than six times that of China, according to a June 2011 report by the President's Council of Economic Advisers.
????Admittedly, other countries, China in particular, have been steadily catching up. While the U.S. has lured foreign investors with its open economy and very low barriers to investments, businesses are turning to the East Asian giant to bolster sales as rising unemployment and government indebtedness erode confidence in developed nations.
????In 2009, China overtook the U.S. to become the world's biggest auto market and companies from Kia Motors to VW have been investing billions into the country. For instance, Wolfsburg, Germany-based VW opened its first engine reprocessing plant in China in August and said it plans to invest $14.6 billion through its auto manufacturing ventures in the country by 2015.
