Hong Kong has been crowned the world’s most competitive economy for the second year running, ahead of Switzerland and Singapore.
In an annual report from the International Institute for Management Development (IMD) Hong Kong ranked first out of 63 economies based on four indicators of competitiveness, namely, economic performance, government efficiency, business efficiency and infrastructure.
Switzerland took second spot, followed by Singapore which overtook the United States, which placed third last year.
IMD ranked Hong Kong the top of the table on two competitiveness indicators, government efficiency and business efficiency.
The city’s economic performance, based on its trade, investment and employment, however did not fare so well, dropping from fifth to 11th place.
Singapore Takes Digital Lead
Singapore has been working to become a «wired city» and its progress was recognised in a new from IMD measuring digital competitiveness.
Hong Kong fared less well placing seventh, losing out to Singapore, Sweden and the U.S. who made up the top three.
The new digital ranking measured its ability to adopt and explore digital technology, and how it is able to lead to transformation in government practises, business models and in society.
