HK climbs to third in global competitive league

Local | 9 Oct 2019 1:25 pm

Hong Kong has been ranked as the third most competitive economy after moving up four places on the World Economic Forum's annual global competitiveness survey, while Singapore surpasses the U.S. to take the top spot.

The Swiss nonprofit foundation's Global Competitiveness Index this year maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes. Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness.

The pillars, which cover broad socio-economic elements are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, the financial system, market size, business dynamism and innovation capability.

Hong Kong is ranked first in macroeconomic stability, health, financial system and product market. But the city's biggest weakness is undoubtedly its limited capability to innovate, the WEF said.

Netherlands (5) overtakes Switzerland (6) as Europe's most competitive economy. Taiwan (12) climbs one place while China (28), the best performer among the BRICS, remains unchanged.

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