The IMD World Competitiveness Center has again ranked Hong Kong as the world’s most competitive economy for 2 years in a row, besting 62 other countries. Hong Kong has been consistently in the top 5 ranking in the published research for the past 4 years. The country’s Financial Secretary Paul Chan Mo-po said that Hong Kong should strive to maintain its prevailing competitive edge, which includes open and free market principle, fine tradition of the rule of law, efficient public sector and robust institutional framework, to stay on top despite of fierce competition.
Mainland China has also made a mark on the list with having the biggest improvement, ranking 18th this year as compared to 25th last year. This big leap is due to the country’s efforts to improve its international trade as well as developments in government and business efficiency.
Other countries in the top 5 are Switzerland, Singapore, the United States and Singapore, in second, third, fourth and fifth place, respectively.
Total 63 companies are ranked this year. The Kingdom of Saudi Arabia and Cyprus making their first appearance in the list.
Digital Competitiveness Ranking
This year, the IMD also ranked countries in digital competitiveness. This intends to measure the different countries capability to adopt and explore digital technologies that lead to transformations in government practices, business models and society in general. Singapore led the rankings in digital competitiveness with Sweden, the USA, Finland and Denmark, in second, third, fourth and fifth place, respectively.
Professor Arturo Bris, Director of the IMD World Competitiveness Centre, said that supportive and inclusive government institutions help mold technological innovation.
IMBD has been publishing these rankings every year since 1989, using 260 indicator including economic performance, government efficiency, business efficiency and infrastructure. Information used includes data from national employment and trade statistics and survey responses.
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