Hong Kong crowned world’s most competitive economy, beating Singapore – 1 Jun 2017

  • Hong Kong has been crowned the world’s most competitive economy for the second year running, ahead of Switzerland and Singapore, in an annual report from the International Institute for Management Development.
  • The Swiss business school ranked Hong Kong first out of 63 economies based on four competitiveness indicators – economic performance, government efficiency, business efficiency and infrastructure. Switzerland placed second, followed by Singapore. The Lion City overtook the United States, which placed third in 2016.
  • Hong Kong topped the rankings on two competitiveness indicators – government efficiency and business efficiency, according to the report released on 31 May 17. The city’s economic performance, based on its trade, investment and employment, took a beating however, dropping from fifth to 11th place.
  • Hong Kong, however, fared less well in a separate ranking measuring digital competitiveness. It placed seventh, losing out to Singapore, Sweden and the US in the top three.
  • Meanwhile in the Asian region, the mainland saw the biggest improvement, climbing up seven places to rank 18th, thanks to its “dedication to international trade” and “improvement in its government and business efficiency”.

External Link : http://www.scmp.com/news/hong-kong/economy/article/2096456/hong-kong-crowned-worlds-most-competitive-economy