May 12, 2005
HK world's 2nd most competitive economy
Government Press Release

Related Thread : http://www.skyscrapercity.com/showthread.php?t=212094

Hong Kong is now the second most competitive economy in the world and the most competitive in Asia, according to the World Competitiveness Yearbook 2005 released by the International Institute for Management Development today.

Commenting on the new ranking, Financial Secretary Henry Tang said he is glad to see Hong Kong's competitiveness has risen.

Sixty economies were selected by the institute for the study, and Hong Kong rose from sixth to second. It also rose from third to first amongst the small economies.

Economic performance rises

Hong Kong's ranking improved in the four main categories - economic performance, government efficiency, business efficiency and infrastructure - with its economic performance rising notably.

On individual criteria, Hong Kong ranks first in 29 criteria, and obtains a very high rank in a number of other areas, including ease of doing business, entrepreneurship, labour regulations, legal and regulatory framework, direct investment flows, and stock market capitalisation.

Mr Tang said the Government has been consistently strengthening infrastructure, promoting a business-friendly environment, and maintaining a level playing field.

"The Government will study the report thoroughly and do all things necessary to preserve and enhance Hong Kong's competitiveness," he said.

HK and US beat edge for competition
The Standard
Thursday, May 19, 2011

Hong Kong and the United States are the best in the world in terms of having a competitive edge.

So says the latest edition of the World Competitiveness Yearbook, issued by the Swiss-based International Institute for Management Development yesterday.

The two toppled last year's champion Singapore to take the No1 spot.

The survey of 59 countries and places by the business school saw Hong Kong move up one place from last year to top both business and government efficiency rankings, followed by Singapore.

But the United States only made it to the overall No1 slot on the back of its private sector, as it lagged far behind the SAR in terms of government efficiency.

City University of Hong Kong associate professor Chan Yan-chong does not find it surprising that Hong Kong has surpassed Singapore, since the two leading regional cities have been alternating between second and third place for many years.

According to the yearbook, the financial market recovery pushed the United States - which ranked third in 2010 - back to the top.

Singapore grew at a rate of 14.5 percent last year.

But pressure from rising costs of living dragged the Lion City down to third place.

The mainland moved down one place to 19th, but still topped Brazil, Russia and India on the BRIC list, while Taiwan jumped two places to the sixth spot.

The annual rankings sees the institute assess competitiveness based on economic performance, government and business efficiency, and infrastructure, which are further divided into 20 subcriteria.

Hong Kong and Singapore struck a sound "balance" between government and business efficiency. Business ranking for China and Taiwan are at least six points higher than their government rankings. According to the institute's World Competitiveness Centre director Stephane Garelli, a key issue is the lag between government reforms and economic imperatives.

IMD announces the 2011 World Competitiveness Rankings and the results of the “Government Efficiency Gap”
http://www.imd.org/news/IMD-announces-the-2011-World-Competitiveness-Rankings-and-the-results-of-the-Government-Efficiency-Gap.cfm
May 17, 2011
Excerpt

http://www.imd.org/news/images/top20-text-small.jpg

IMD announces data from the 2011 World Competitiveness Yearbook (WCY), which places the US and Hong Kong as the most competitive countries, both slightly ahead of last year’s winner, Singapore. In 2010, the US ranked third, losing the top ranking for the first time in decades.

Also in the rankings, Sweden jumps to 4th place, highlighting the competitiveness of the Nordic model. Germany shines and gains 6 ranks to 10th position thanks to buoyant exports and a more flexible labor market. Qatar, Korea and Turkey continue their ascent in competitiveness. The recession highlighted the “resistant” (Switzerland) and the “resilient” (Taiwan). Only 4 big economies are in the top 20.

“The world of competitiveness becomes more national. ‘World Competitiveness 2.0’ is thus characterized by a greater self-reliance of countries. It increasingly emphasizes re-industrialization, exports, and a more critical look at delocalization,” said IMD Professor Stéphane Garelli, Director of IMD’s World Competitiveness Center.

“This trend is triggered by the rise in commodity and transport prices and higher labor costs in emerging economies. National champions are favored everywhere and borders re-surface – again!”

Go HK!!

What does it really mean?

What does it really mean?

Criteria and methodology : http://www.imd.org/research/publications/wcy/Content.cfm