Hong Kong Loses Its Crown In Competitive Report
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2018-05-24 HKT 10:33
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The United States has overtaken Hong Kong to steal first place among a ranking of the world’s most competitive economies. Hong Kong dropped to second place.
The International Institute for Management Development (IMD) assessed 63 economies on four factors: economic performance, government efficiency, business efficiency and infrastructure.
In its latest World Competitiveness Rankings report released on Thursday, the IMD said the US jumped three places, after coming in first on economic performance and infrastructure.
Hong Kong maintained its top ranking in government efficiency and business efficiency for the fourth consecutive year. Its economic performance climbed up from 11th to 9th, but its ranking in infrastructure fell from 20th to 23rd.
China moved up five places to come in at 13. Singapore remained in third place.
The Hong Kong government welcomed the results, saying it was striving to develop innovation and technology as the new engine of economic growth.
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