Hong Kong climbed up four places to rank third in the World Economic Forum’s annual competitiveness report published on Wednesday while Singapore took the top spot.
The United Stated was ranked second while the Netherlands and Switzerland made up the rest of the top five, according to the WEF survey.
The Hong Kong Special Administrative Region government has welcomed the WEF ranking and vowed to continue to generate more business opportunities for Hong Kong.
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Amongst the 12 pillars of assessment, Hong Kong ranked top in macroeconomic stability, health, product market and financial system.
The Hong Kong Special Administrative Region government has welcomed the World Economic Forum's ranking and vowed to continue to generate more business opportunities for Hong Kong
It performed the worst in innovation capability with a score of 63.4, ranking 26th among other economies.
Stressing that it is committed to enhancing the competitiveness and vibrancy of the Hong Kong economy, the HKSAR government said it would strive to maintain Hong Kong's conventional strengths, including the rule of law, an independent judiciary, open and flexible markets, a simple tax regime with low tax rates, an efficient public sector and a favorable business environment with a level playing field.
The HKSAR government will also continue to assume the roles of a "facilitator" and "promoter", and strive to enhance government-to-government cooperation, so as to generate more business opportunities for Hong Kong, the office of the HKSAR government's financial secretary said in a statement sent to Xinhua.
The HKSAR government will also step up investment in infrastructure, innovation and technology, nurturing talents and increasing land supply, in order to provide a favorable environment for Hong Kong's long-term economic development, according to the statement.
In its latest assessment of the factors behind productivity and long-term economic growth, WEF found Singapore overtaking the United States as the most competitive country, aided in no small part by its state-of-the-art infrastructure and strong cooperation between labor and management.
The Global Competitiveness Report, which is now in its 40th year, said the US is losing ground in measures such as "healthy life expectancy" and preparedness for the future skills needed in the 21st century.
The report's index maps out the competitive landscape of 141 economies based on more than 100 indicators in a dozen categories.
Those categories include headings like health, financial system, market size, business dynamism and capacity to innovate.
The US did remain "an innovation powerhouse" and the world's most competitive large economy, and despite the prospects of a future skills gap, the US still ranks highly for "ease of finding skilled employees" today.
WEF founder Klaus Schwab called the index a "compass for thriving in the new economy where innovation becomes the key factor of competitiveness."
Authors said it's too early to fully assess the impact of some of the operative factors in the world economy over the last year, notably rising trade tensions between the US and China that's led to tariffs on hundreds of billions of dollars' worth of goods imposed.
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