Business leaders gather in Chicago for summit

As the nation's economy flirts with a recession, corporate executives, politicians and academics meeting on Thursday said America's businesses must be prepared to fight to retain their global competitive edge.

"We're very competitive today in most industries," said Boeing Co. Chairman and Chief Executive Jim McNerney. "But there is a huge threat to that position in the next five to 10 years. And we better respond."

The U.S. Department of Commerce sponsored Thursday's meeting that is part of a series of summits sponsored by the Bush Administration being held around the country.

Commerce Secretary Carlos Gutierrez said he hopes business owners at the meeting get a better understanding of free trade agreements that may allow them to enter overseas markets. And he says U.S. companies need to become more agile so they can quickly respond to economic shifts.

"We know today that every major country in the world is getting in the game," he said. "It's harder to compete ... and we are no longer on our own."

A report released last week in Switzerland shows the U.S. topped a global competitiveness ranking for the 15th consecutive year. But some officials worry the faltering economy means America's top spot could soon be lost to other nations.

"I think we should be very worried," said Louis Gerstner, the retired chairman and chief executive of IBM.