HK third in global competitivenessLocal | Tereza Cai 10 Oct 2019
Hong Kong has climbed four places to rank third for global competitiveness in this year's survey by the World Economic Forum, behind Singapore and the United States.
However, the survey was conducted before the political turmoil and did not reflect potential consequences, the report stated in its footnote.
Hong Kong's rise came thanks to a 0.8 point improvement in its overall score. It ranks first in four of 12 pillars, with macroeconomic stability and health at the frontier score of 100, the financial system at 91.4, and the product market at 81.6.
The SAR also ranks third in the infrastructure and information and communications technology adoption pillars, overall featuring in the top 10 for eight pillars.
Our biggest weakness is undoubtedly a limited capability to innovate, coming in 26th among the 141 economies, lagging behind Singapore by 12 points. Another differentiating factor is the labor market. With a score of 75.8, ranking seventh, Hong Kong was penalized for a lack of worker rights' protection, only scoring 10 and ranking 116th. Singapore's worker's protection ranked 18th with a score of 89.
Singapore went up one place and overtook the United States, ranking first in infrastructure, health, labor market functioning, and financial system. It also achieved a nearly perfect score for macroeconomic stability.
China was unchanged at 28th overall, which is by far the best performer among the BRICS economies at 15 places ahead of Russia, 32 places ahead of South Africa and some 40 spots ahead of both India at 68th and Brazil at 71st.
Among the G20, the United States was second, Japan was sixth, Germany was seventh, and the UK ranked ninth, all showing a decline.