Economy ranked world's second most competitive
|Hong Kong ranks as the world's second most competitive economy.
Hong Kong is the world’s second most competitive economy, up from the fourth place last year, according to the Institute for Management Development (IMD) World Competitiveness Yearbook 2015.
Hong Kong Financial Secretary John C. Tsang welcomed IMD’s latest accolade. Mr. Tsang said Hong Kong is highly competitive vis-à-vis most other economies, especially in terms of government efficiency and business efficiency.
“This once again affirms the importance of our steadfast fiscal discipline, robust financial system and favorable business environment,” Mr. Tsang said.
“We will continue to consolidate Hong Kong’s institutional strengths and broaden the economic base on various fronts, and will strive to uphold our leading position as a key metropolitan city in the world.”
According to the Yearbook, released on May 27, Hong Kong’s rank rose to the second among the 61 economies assessed, only after the United States.
The report ranks the competitiveness of these economies around the world in various aspects. The four competitiveness factors assessed are economic performance, government efficiency, business efficiency and infrastructure. Each consists of five sub-factors.
Hong Kong’s rankings in government efficiency and business efficiency both improved to first globally, up from second and third last year, respectively, while the infrastructure ranking climbed six places to 15th.
However, as a highly open economy, Hong Kong’s economic growth slackened amid the unsteady global economic performance last year, resulting in a slight drop in the ranking in economic performance from seventh to ninth.