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| No.3 June, 2011 |
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Hong Kong ranked the world's most competitive economy |
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For the first time Hong Kong has been ranked the world's most competitive economy by the International Institute for Management Development (IMD) in its World Competitiveness Yearbook 2011 issued in May.
Both Hong Kong and the US rank first, surpassing Singapore which falls from first to third place. Sweden follows in fourth place and Switzerland in fifth. |
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Hong Kong has now overtaken Singapore to become the most competitive economy within the Asia Pacific and the small economy group (i.e. economy with population below 20 million). The report noted that four out of the top five most competitive economies are from small economy groups. Mainland China's ranking dropped slightly from 18th to 19th place.
Director of HKETO, Mr Steve Barclay said, "Openness to trade, investment and business legislation, sound fiscal policy, a mature institutional framework, a well functioning financial market and global city image are the key factors underpinning Hong Kong's success."
"I am extremely pleased to note that our strengths in 'government efficiency' and 'business efficiency' are acknowledged by IIMD as Hong Kong strikes a sound balance between the two."
In terms of the four main assessment pillars, Hong Kong rose from second to first place in "business efficiency", overtaking Singapore, and remained in first and fourth place respectively for "government efficiency" and "economic performance" Hong Kong's ranking for "Infrastructure" rose from 23rd to 21st place.
Hong Kong also beat the US in the sub-criteria for the "government efficiency" (HK: 1st; US: 19th) and "business efficiency" (HK: 1st; US: 10th) pillars. However, Hong Kong consistently ranks behind the US in the "economic performance" (HK: 4th; US: 1st) and "infrastructure" (HK: 21st; US: 1st) pillars. Compared with Singapore, Hong Kong fares better in "government efficiency", "business efficiency" and "economic performance", but lags behind in "infrastructure".
IIMD commented that a sound 'balance' between government and business efficiency can be found in Hong Kong, Singapore and Australia.
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