Hong Kong ranked world's second most competitive economy
Hong Kong ranked second globally in the International Institute for Management Development’s (IMD) World Competitiveness Yearbook (WCY) 2018.
A Government spokesperson said today (May 24), "The Hong Kong SAR Government is committed to enhancing the competitiveness and vibrancy of our economy. The WCY again recognised that Hong Kong is one of the most competitive economies in the world."
Among the four main competitiveness factors of the WCY, HK maintained the top rank in "Government efficiency" and "Business efficiency", both for the fourth consecutive year. "Economic performance" climbed up from 11th to 9th on the back of above-trend economic growth. Yet, HK's ranking in "Infrastructure" fell from 20th to 23rd.
The spokesperson further said, "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. The Government is also dedicated to taking up a more proactive role as a "promoter" and "facilitator" and will promote diversified economic growth and enhance our human capital from a forward-looking and strategic perspective, with a view to broadening the economic base."
The spokesperson added, “The Government will strive to develop innovation and technology (I&T) 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."
"In addition, following the shift in global economic gravity from West to East, China and Asia will continue to be the key driver of the global economy. Hong Kong can play a unique role in the National 13th Five-Year Plan, the Belt and Road Initiative, as well as the Guangdong-Hong Kong-Macao Bay Area development. These major initiatives will provide new and continuous impetus for Hong Kong's economy."
The WCY 2018 released by IMD today assessed each economy on four competitiveness factors: "Economic performance", "Government efficiency", "Business efficiency" and "Infrastructure", each consisting of five sub-factors. Among the 63 economies assessed, the US ranked first, Hong Kong second, followed by Singapore, the Netherlands and Switzerland.
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