From the Chairman Harry Downes

September 2003
Management Services;Sep2003, Vol. 47 Issue 9, p32
Academic Journal
As the leader in world competitiveness, the performance of the U.S. economy has a strong impact on every other nation. Following the September 11 (9/11) terrorist attacks, companies were quick to react to the first signs of economic slowdown. New management tools, such as Enterprise Resources Planing, have helped companies react faster and more efficiently than in the past. The competitiveness of Europe is plagued by over-regulation and complexity. Larger economies have encountered significant difficulties in adapting and reforming the role of Government to enhance their competitiveness. The two world currencies have also fluctuated a great deal in 2002, with a strong resurgence of the Euro compared to the Dollar. Pension funds have lost assets worth $2,800 billion in 11 stock exchanges and employees are now very concerned about the real value of their retirement plans. The collapse of financial markets has forced the financial industry into the most severe restructuring in years. The information technology sector, which used to be the locomotive of the world economy, is now losing steam. The latest problems at British Airways are caused by outcomes of 9/11. The National Health Service in Great Britain is one of the largest organizations in the world. Significant additional resources are being invested to support the reform of the way services are delivered.


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