Hong Kong crowned world’s most competitive economy

In the annual ranking by the International Institute for Management Development (IMD) Hong Kong placed first out of 63 economies, for the second year in a row. The ranking is based on four competitiveness indicators: economic performance, government efficiency, business efficiency and infrastructure.

Hong Kong was ranked first on two of these indicators: government efficiency and business efficiency. The city’s economic performance (based on its trade, investment and employment) was ranked on the eleventh place. Hong Kong’s infrastructure finally, came in twentieth, with the IMD assessing its infrastructure in technology, science, education, health and environment.

According to Hong Kong’s Financial Secretary Paul Chan Mo-po the report shows a “clear recognition” of Hong Kong’s “favourable business environment and robust financial system”. Furthermore he added, “In light of the fierce competition in the global economic arena, we must strive to uphold our prevailing competitive edge, including the open and free market principle, the fine tradition of the rule of law, an efficient public sector and a robust institutional framework.”

Switzerland placed second, Singapore third.

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Source:
South China Morning Post
Image:
International Institute for Management Development