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Discussion Starter · #1 ·
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.
 

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US still most competitive, Asia catching up: study (Hong Kong on No.2 Spot)

GENEVA (Reuters) - The United States will be the world's most competitive nation for the coming years, but Hong Kong and Singapore are catching up, a Swiss business school said in a survey published on Thursday.

Vibrant U.S. companies have offset the government's inertia over its huge budget deficits and debt, the International Institute for Management Development (IMD), said in its annual World Competitiveness Yearbook.

The Lausanne-based school ranked the United States first in its assessment of 61 world economies based on four factors: economic performance, government efficiency, business efficiency and infrastructure.

Hong Kong and Singapore came second and third -- the same order as last year -- followed by Iceland and Denmark. Venezuela was deemed least competitive of the group.

The United States is likely to retain the top spot for years to come, IMD Professor Stephane Garelli said citing its huge domestic market and business-friendly policies like low tax rates.

Still, he said Asian countries were gaining ground thanks to their balanced macroeconomic stance and efforts to attract new companies, as well as a regional economic boost led by China.

"We are seeing a much more compact race in terms of competitiveness," Garelli said in a telephone interview.

"Singapore and Hong Kong are becoming highly competitive and there is a lot that other nations can learn from them about how to do it," he said.

Turning to worst-ranked Venezuela, Garelli said buoyant oil and gas revenues from a commodity price boom had masked the country's restrictive investment policies and other measures making it difficult for companies to thrive there.

"The attitudes toward foreign investment are very, very negative," he said.

IMD's rankings were designed to measure countries' attractiveness for business and their economic growth potential.
 

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Hong Kong 2nd in global rank of competitiveness

Hong Kong 2nd in global rank of competitiveness


According to the HK Commercial Daily a report to be released by the Swiss IMD on global competitiveness in 2005 raises Hong Kong's rank to 2nd from 6th last year. The top position continues to be held by America.

According to this report Singapore's global competitiveness rank fell to 3rd from last year's 2nd while that of China's Taiwan climbed one step to the 11th. Hong Kong had already jumped from the 10th to the 6th last year and was among the regions reporting the most remarkable progress. Relevant report will be released Thursday.

The Swiss IMD competitiveness ranking mainly covers 60 economic entities worldwide. Its appraisal items have reached 314, with four major items including infrastructure construction, corporate efficiency, economic performance and government efficiency.

:nocrook:
 

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Good news !
 

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Discussion Starter · #6 ·
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.
 

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Discussion Starter · #7 ·
IMD announces the 2011 World Competitiveness Rankings and the results of the “Government Efficiency Gap”
http://www.imd.org/news/IMD-announc...-results-of-the-Government-Efficiency-Gap.cfm
May 17, 2011
Excerpt



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!”
 

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Hong Kong ranks second in the world for competitiveness in annual IMD study

(From south china morning post)
Hong Kong ranks second in the world for competitiveness in annual IMD study


Results of study by Swiss business school fly in face of report from Beijing think tank that showed city slipping behind mainland rivals

Hong Kong has beaten Singapore and Switzerland to be named the world's second most competitive economy behind the United States in an annual report by the International Institute for Management Development.

The Swiss-based business school ranked the city first in the world for efficient government and business efficiency, two of the four main factors considered in the rankings. That helped Hong Kong leapfrog Switzerland and the Lion City to move up from fourth place last year.

The report stands in stark contrast to a survey released earlier this month by the central government-backed Chinese Academy of Social Sciences. The think tank's annual Blue Book report named Shenzhen as China's most competitive city, knocking Hong Kong off top spot for the first time in a decade.

The IMD's study ranked 61 economies, with the United States placed first on the basis of its business efficiency, strong financial sector, innovation and effective infrastructure.

Mainland China climbed one place to 22nd in the IMD study, putting it just ahead of Belgium.

"A general analysis of the 2015 ranking shows that top countries are going back to the basics," said Professor Arturo Bris, director of the IMD World Competitiveness Centre.

"Productivity and efficiency are in the driver's seat of the competitiveness wagon. Companies in those countries are increasing their efforts to minimise their environmental impact and provide a strong organisational structure for workforces to thrive."

Looking ahead, the IMD said Hong Kong would face challenges from "the uncertainties in the global economy", in particular the normalisation of monetary policy in the United States.

Other challenges include the constraints on development potential posed by manpower mismatches and an ageing population. Hong Kong needs to "increase land supply for economic and social development", it added.

Lawmaker Regina Ip Lau Suk-yee, who chairs the Savantas Policy Institute, which recently launched a 15-month study of Hong Kong's competitiveness, said it was a "fair verdict".

But she questioned whether the city's ranking would have changed if the IMD had put more emphasis on factors such as innovation and technology.

Ip, who has been promoting innovation and technology to galvanise the local economy, also agreed Hong Kong's infrastructure lagged behind that of many countries.

"Major infrastructure projects have been subject to a lot of delays caused by filibusters" in the Legislative Council, she said.

The overall ranking released yesterday reflected more than 300 criteria, approximately two-thirds of which were based on statistical indicators and one-third on an exclusive IMD survey of 6,234 international executives.
 

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Discussion Starter · #16 ·
Hong kong back in top spot for competitiveness
South China Morning Post Excerpt
31 May 2016

City regains its crown in international survey as conditions in other economies worsen, but separate report takes points off for innovation

Despite constant concerns that Hong Kong is losing its edge to mainland and regional rivals, the city has reclaimed the title of the world's most competitive economy, according to the IMD World Competitiveness Centre.

The annual survey of 61 jurisdictions around the world pushed the city up one place to the top for 2016, saying Hong Kong had "encouraged innovation through low and simple taxation and imposed no restrictions on capital flows".

In a separate report on competitiveness released yesterday by Beijing's top think tank, the Chinese Academy of Social Sciences (CASS), Hong Kong lost out to Shenzhen for the second year in a row.

IMD surveyed more than 5,400 business executives on four main factors - economic performance, government efficiency, business efficiency and infrastructure - while the CASS survey focused on innovation and entrepreneurship, among other *factors.

Hong Kong claimed the top spot in the 2012 IMD rankings, but lost it to the United States for the next three years. Singapore, which ranked fourth in the same survey, was the only other Asian entrant in the top 10 this year.
 

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Discussion Starter · #17 ·
Singapore Loses to Hong Kong in Race for Most Competitive
Stricter rules on foreign labor may explain Singapore's slide
Bloomberg Excerpt
June 10, 2016

Singapore and Hong Kong have been vying for years to hold the crown of most competitive place to do business. Now a clear winner is emerging: Hong Kong.

While Hong Kong is rising on world rankings for competitiveness, Singapore is sliding. The latest results from IMD, a Swiss business school, put Hong Kong at the top of the list, knocking the U.S. off the No. 1 spot. Singapore has dropped from third to fourth place.

The IMD defines competitiveness as the ability of a country to create an environment in which businesses can generate sustainable value. The rankings are based on a combination of hard data and opinion surveys of more than 5,400 business executives covering four main areas: economic performance, government and business efficiency and infrastructure.

Both Hong Kong and Singapore boast low taxes, good infrastructure and easy procedures to open a business, so why the divergence in competitiveness?

One of the reasons is Singapore’s weakening economy as exports in the trade-reliant nation have come under pressure. But another key factor may be Singapore’s stricter rules on hiring foreign labor, which adds to business costs.

"The key difference between the two territories is Singapore’s restrictions on importing foreign labor, and their policy of boosting labor costs to discourage companies from being dependent on foreign labor," said Brian Tan, an economist at Nomura in Singapore. "When you push labor costs, that’s going to have an effect on competitiveness."

The rest : http://www.bloomberg.com/news/artic...ses-to-hong-kong-in-race-for-most-competitive
 

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U.S. Slips in Global Competitiveness Ranking as China Shoots Up
The world's biggest economy dropped and Hong Kong seized first place
June 1, 2017
Bloomberg Excerpt

The U.S. fell out of the top three in a global competitiveness ranking, as executives’ perception of the world’s biggest economy deteriorated after Donald Trump’s election.

The U.S. slipped one spot to fourth in an annual ranking published by the IMD World Competitiveness Center, a research group at IMD business school in Switzerland. It trails Hong Kong, Singapore and Switzerland. The U.S. last took top spot in the 2015 ranking.

The results are based on 261 indicators, with about two-thirds coming from so-called “hard data,” gathered mainly last year, such as employment and trade statistics. The balance came from more than 6,250 executive-opinion surveys conducted this year. The report ranks 63 economies based on a sliding scale, with 100 being the most competitive.

The U.S. drop largely reflects survey results, as global executives questioned by IMD ranked the country lower in categories including government and business efficiency. Respondents saw a greater risk of political instability and protectionism, which offset the country’s progress in reducing unemployment and stabilizing inflation, according to the report.

More : https://www.bloomberg.com/news/arti...al-competitiveness-ranking-as-china-shoots-up
 

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Discussion Starter · #19 ·
Jump sees SAR sharpen its competitive edge
28 Sep 2017
The Standard Excerpt

Hong Kong jumped three places to become the world's sixth most competitive economy, according to the latest study of the World Economic Forum.

"Hong Kong made the largest leap among the top 10 economies this year, moving ahead of Sweden, Britain and Japan," the study said.

"The city is still endowed with the world's best physical infrastructure and its healthy level of competition and openness ensure extremely efficient markets, which in turn are supported by strong and stable financial markets," it added.

The global competitiveness index is compiled by the World Economic Forum, a non-profit organization that hosts an annual meeting of global political and business elites in Davos, Switzerland.

The index is based on 12 factors, including institutions, infrastructure and macroeconomic environment.

Other factors include market efficiency, education, technology readiness and innovation.

Hong Kong ranked second for its efficient markets and fifth for financial market stability.

The study noted the high level of flexibility and efficiency of Hong Kong's labor market, but said it should do better to harness talent from its workforce.

The study said the SAR's most significant improvement can be observed across the business sophistication and innovation pillars.
 

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Hong Kong overtaken by US as world’s most competitive economy due to declining standards in education, health and the environment
Latest rankings from IMD World Competitiveness Centre drop city down a spot despite slight improvement in economic performance
South China Morning Post Excerpt
May 24, 2018

Hong Kong’s decline in education, health and the environment means the city is no longer the world’s most competitive economy, according to the latest rankings from the IMD World Competitiveness Centre.

The United States, meanwhile, jumped three places to claim top spot, with Hong Kong dropping to second on the list compiled by the Switzerland-based organisation, which was released on Thursday.

Regional rival Singapore remained in third place, according to the centre, which ranks 63 regions around the world annually.

According to this year’s ranking, Hong Kong continued to lead the world in government and business efficiency, and improved slightly in economic performance from the 11th last year to 9th.

However, the city dropped three places to 23rd in infrastructure. The slip was caused by a drop in its education ranking, which slipped three places to 18th, while the city fell five places to 23rd in the health and environment category. Technological infrastructure dropped one place to 19th.

The ranking report identified a series of weaknesses in the city’s infrastructure, such as total public expenditure on education, business expenditure on research and development, total expenditure on research and development, and health expenditure.
 
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