Hong Kong has been ranked as the world’s second most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2018.
Hong Kong’s government today reiterated its committed to enhancing the competitiveness of the territory’s economy. In a statement it 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 report, which assessed 63 economies around the world against 23 indicators, put the US first, Hong Kong second, followed by Singapore, the Netherlands and Switzerland.
The UAE is one of the biggest risers in the report, having risen from 28th to 7th place since the report was launched in 2011. It is the only country from the MENA region to appear in the top 10.
Hong Kong remained number one for government and and for business efficiency, coming first in two of the report’s assessment categories.
Innovation as new engine of growth
The government said today it will “strive to develop innovation and technology 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.”