 With the global economy still in recovery, countries must embrace openness, technology and innovation to remain competitive. But how do you measure competitiveness? The Global Competitiveness Report identifies 12 key pillars. Institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. Switzerland comes in first, Singapore comes in second, topping the higher education and training pillar. The United States remains third, driven by business sophistication and innovation, but lagging on basic factors such as infrastructure and public finances. The Netherlands rises by one place. Germany follows in fifth position. Sweden reaches sixth place with improvements in business sophistication and innovation. The United Kingdom is in seventh position. Japan falls to eighth position, showing a deterioration in its capacity to innovate. Hong Kong is ninth overall, with the highest marks on infrastructure. Finland is tenth, with the best score on institutions and health and primary education. Against the background of low productivity and economic growth in both emerging and advanced economies, this year's report reaches three key conclusions. Monetary stimulus is not enough. In economies without strong competitive conditions, efforts to revitalize growth through monetary policy alone would be less effective, failing to reignite growth. To stimulate business and entrepreneurship, countries must adopt comprehensive competitiveness agendas. Technology and innovation are increasingly driving development. By merging physical, biological and digital systems, the fourth industrial revolution is bringing unprecedented change to the nature of work and productivity. In this context, the global competitiveness report shows that technology and innovation are playing an increasingly important role relative to other factors in driving competitiveness and growth. Declining openness is putting future growth and prosperity at risk. Openness to trade and foreign investment generates incentives for businesses to innovate. To safeguard these environments against the rise of protectionism, inclusive growth strategies are a top priority. We hope that the global competitiveness report will serve as a tool for policymakers, businesses and civil society to collaborate on the development of a shared vision of economic progress and prosperity.