Hong Kong placed first for 2 consecutive years
The International Institute of Management Development (“IMD”), Swiss research institution, published its latest World Competitiveness Yearbook 2017 which compared and ranked 63 economies based on 4 major indicators namely “economic performance”, “government efficiency”, “business efficiency” and “infrastructure”.
Among the ranking factors, Hong Kong topped the government efficiency and business efficiency and business efficiency due to is tradition of rule of law, free and open market, and efficient public sector.
However, Hong Kong is losing its competitive edge because of the worsening business costs, political climate, and adoption of digital technology. Rental cost is extremely expensive for every businesses; Hong Kong has reached a turning point in political atmosphere for worse; Government supportives on digitalization for businesses lacks consistency.
- HKSAR Government Press Release ” Hong Kong again ranked the world’s most competitive economy”
- IMD “World Competitiveness Ranking”