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business & economy

Hong Kong reclaims top ranking of most competitive economies

Hong Kong is ranked again as the world's most competitive economy.

Hong Kong has again been ranked the world’s most competitive economy, moving up from second place last year, according to the International Institute for Management Development (IMD) World Competitiveness Yearbook 2016

Financial Secretary John C. Tsang welcomed the top accolade, calling it a recognition of Hong Kong’s consistent commitment to a favorable business environment.

He stressed that in light of fierce competition in the global arena, the city will strive to uphold its prevailing competitive edge and continue to search for new growth areas, strengthening its position as an international finance, trade and business center and enhancing Hong Kong’s long-term competitiveness.

The IMD also recognized Hong Kong for its encouragement of innovation through low and simple taxation, free flow of capital and its role as a gateway between mainland China and the global capital markets. The city ranked first among the 61 economies assessed, followed by Switzerland, the U.S. and Singapore.


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