World's top 10 most competitive economies.   Hong Kong (HKSAR) - Hong Kong is the world's second most competitive economy, up from the fourth place in 2014.

HK is the world’s 2nd most competitive economy, up from the 4th place in 2014. And the US still ranked the 1st. Photo Courtesy: The Business Times

Climbed from 4th place last year, Hong Kong’s competitiveness is only after the US in survey by IMD.

The International Institute for Management Development (IMD) in its World Competitiveness Yearbook 2015 released on 27 May, it assess an economy based on four factorseconomic performance, government efficiency, business efficiency and infrastructure. HK ranked the first in government efficiency and business efficiency, and climbed to the 15th in infrastructure. However, economic performance of HK rated a slight drop from the 7th to the 9th as economic growth slackened amid the unsteady global economy in 2014.

This once again affirms the importance of HK steadfast fiscal discipline, robust financial system, and favourable business environment. Striving to keep the city’s leading position in the world, HK government continues to consolidate its institutional strengths and to broaden the economic base.

HK just behind the US, the most competitive nation for a 3th successive year, and one place ahead of Singapore. China was 22md one up on 2014.

The IMD report followed soon after the release of the latest Chinese Academy of Social Sciences’ comprehensive economic competitive index.

In that one, the SAR lost the No1 spot it had held since 2002 to Shenzhen, sparking lively discussions on whether Hong Kong was on a slide.

The academy researcher heading the study said the SAR needed to look beyond trade, the financial sector, shipping, tourism and professional services to fuel its economy, calling for attention to innovation and emerging industries.

Governments should “have the right principles regulation, infrastructure, education,” Financial Secretary John Tsang said. “When we see good governments we see competitiveness.”

Source: The Standard Finance
Reference: News from Information Services Department

 

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