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Wednesday, September 30, 2015, 14:23

HK remains 7th most competitive economy


HK remains 7th most competitive economy
The Global Competitiveness 2015-2016 Rankings (top 10 ) (Source: World Economic Forum)

HONG KONG - Hong Kong was ranked seventh as the world's most competitive economy for the third consecutive year, according to the latest Global Competitiveness Report released by the World Economic Forum on Wednesday.

The SAR has been ranked top 10 in the WEF's annual report since 2012.

The report showed Hong Kong led in terms of infrastructure, ahead of Singapore. Its strength in infrastructure "reflected the outstanding quality of the city’s facilities across all modes of transportation," the report said.

The SAR fell to third from first place in the ranking of financial market development.

But "as with Singapore, the dynamism and efficiency of Hong Kong's goods market (2nd) and labor market (3rd) contribute to its excellent overall positioning", the report said.

Innovation is the weakest aspect of the SAR's performance, with a ranking of 27th out of 140 economies and a relatively low score of 4.4 out of 7."Business community consistently cites the capacity to innovate as their biggest concern," the report added.

Switzerland remains the most competitive economy for a seventh straight year in the global competitiveness report, followed by Singapore and the United States.

The Chinese mainland was ranked the world's 28th.

The report is an annual assessment of the factors driving productivity and prosperity in 140 economies. The scores are calculated by drawing together country-level data covering 12 pillars of competitiveness, such as institutions, infrastructure, macroeconomic environment, health and primary education etc.

HK remains 7th most competitive economy
Hong Kong's performance across the 12 pillars in the Global Competitiveness Index 2015-2016 (Source: World Economic Forum)

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