Hong Kong the world’s second most competitive economy

Hong Kong has been ranked as the second most competitive economy in the world by the IMD, International Institute for Management Development in its World Competitiveness Ranking 2018.
63 countries have been assessed for the purpose of the study based on the following four competitiveness factors; economic performance, government efficiency, business efficiency and infrastructure.

The United States took the first place, being the world’s most competitive economy. Singapore is placed third, the Netherlands 4th and Switzerland 5th. The remaining places in the top ten are Denmark, UAE, Norway, Sweden and Canada.

Hong Kong continued to maintain its top rankings in government and business efficiency.

A government spokesperson said, “The Government will strive to develop innovation and technology as the new engine of economic growth. Substantial resources have been allocated in recent years to upgrade technological infrastructure, build a vibrant ecosystem for startups, and pool and nurture more technology talent in Hong Kong. A wide range of tax and other measures have been rolled out in the first Policy Address and Budget of the current-term Government to support the development of various industries and improve the business environment. These measures clearly demonstrate the Administration’s determination to further strengthen our competitiveness.”

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