 The world is in a situation where the economy is moving slowly out of the global financial crisis and the ensuing recession. Continuing reforms to enhance competitiveness is really crucial in order to sustain the recovery and the growth momentum. In that context, the Global Competitiveness Report is measuring those factors and institutions and policies that drive productivity in order to ensure solid and healthy growth. And we measure productivity by taking into account what we call the 12 pillars of competitiveness – institutions, infrastructure, the macroeconomic environment and health and primary education. It's higher education training, goods market efficiency, labour market efficiency, financial market development, technological readiness and market size. We also take into account business sophistication and innovation. In terms of ranking, we see Switzerland come in once again in a top position based on strong performance in innovation, macroeconomic policies and also institutions. It is followed by Singapore and the United States. The United States come up from fifth position, continuing the upwards trend of the recent years. It is followed by Finland, Germany and Japan at fourth, fifth and sixth position. In terms of emerging markets, we see different progress depending on the country we look at and the region we look at. China is continuing at its high level, we see also Indonesia and Malaysia moving up by a few places. At the same time, we see that countries such as Brazil, South Africa or India are dropping in their ranking this year. In order to continue to grow, emerging markets will have to continue with structural reforms and we do not see sufficient progress in those countries either. Ultimately, this year's report reveals three key findings. First, monetary policy has driven the recovery so far, but sustaining this trend will require structural reforms across a number of areas and progress in this field has been uneven. Second, smart investments and skills in innovation are needed in order to ensure that competitiveness is strengthened going forward but also in order to ensure that every person can really participate in economic progress. And finally, the private sector has a key role to play in enhancing competitiveness. It needs to collaborate more with governments and the civil society to ensure that the measures that are taken are really effective in enhancing competitiveness. We hope that this report is going to be used by the different stakeholders to identify the areas of strength and weaknesses and to build the economic reform agenda going forward.