EXTRACT FROM THE PREFACE
by Professor Klaus Schwab

The publication of this yearﾒs Global Competitiveness Report provides an opportunity to examine some of the key economic issues confronting the international community.
The global economy is expected to grow by some 4.25 percent in 2005, nearly one percentage point less than in 2004, when the rapid expansion of global trade delivered the best growth performance for world output of the past decade. Notwithstanding a slowdown in industrial production and global trade, and the adverse impact of higher oil prices, the short-term outlook suggests solid growth, at least through the end of 2006.
The Global Competitiveness Report is a contribution to enhancing our understanding of the key ingredients of economic growth and prosperity. By highlighting the strengths and weaknesses of an economy, policymakers and business leaders are offered an important tool to assist them in the formulation of improved economic policies and institutional reforms.

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