City loses top spot in global competitiveness ranking
Local | 24 May 2018 11:32 am
Hong Kong slid to second place in the International Institute for Management Development's latest World Competitiveness Rankings behind the United States, which jumped three places, while Singapore remained third.
The Swiss business school assessed 63 economies on four main competitiveness factors - economic performance, government efficiency, business efficiency and infrastructure.
The top five most competitive economies in the world remained the same as in the previous year, but in different order.
The city maintained the top ranking in government efficiency and business efficiency for the fourth consecutive year. Economic performance climbed up to ninth from eleventh on the back of above-trend economic growth but fell from 20th to 23rd in infrastructure.
"Amid the fierce competition from other economies, it is of utmost importance for us to consolidate Hong Kong's competitive edges, including the fine tradition of the rule of law, an open and free market, an efficient public sector, and a robust institutional framework," a government spokesperson said.
The Netherlands moved one place to fourth, swapping with Switzerland which moved down to fifth.
Mainland China improved five places to 13th while Taiwan dropped three places to 17th.
