General Electric today released CEO Jeff Immelt's annual letter to shareholders, which is a must-read for PR pros looking for an example of corporate communications at its finest.

immeltImmelt is neither a fan of bureaucratic mumbo-jumbo nor nonsensical meaningless corporate-speak.

Here's his view on the economy and the role of governments:

"The world is complicated. But, through the fog of the last five years, I would take the 2014 economy any day. The recovery is slow, but there are no major headwinds. While governments are not addressing major challenges like immigration and regulatory reform, there is less disruption."

Immelt, who was going to have a hard time filling the shoes of publicity-savvy predecessor Jack Welch, had the misfortune of assuming the helm in the days leading up to 9-11.

Rather than shirking from 9/11, he embraced the opportunities offered by both the terror attacks and worldwide financial collapse of 2008.

Following 9/11, GE invested in its commercial aviation business, while others panicked. In the aftermath of the financial crisis, the company upped research spending for that sector. Both actions created and bolstered trust and loyalty to GE, according to Immelt.

Looking at the global economy, the GE chief believes Europe has stabilized, "while its expansion is anemic, the 'daily crises' have been eliminated." Corporate growth is accelerating in Russia, Africa and Middle East despite social and political unrest.

He has recast GE as a company with 70 percent of its revenue base geared to infrastructure revenues.

Immelt jettisoned units of Welch's empire because he backs Amazon's Jeff Bezos's philosophy that businesses have short life spans. "Companies come and go. And, the companies that are the shiniest and most important in any era, you wait a few decades and they are gone," said Bezos.

GE, notes Immelt, is America's corporate champion because it learns and changes.

The hope is that Wall Street, which has punished GE''s stock during the Immelt era, learns and changes its fix on what is shiny and new at the moment.

Immelt is a worthy successor to Berkshire Hathaway CEO and scribe Warren Buffett, who invested in GE during the worst of the financial collapse.