Hong Kong made the largest leap among the top 10 economies in this year’s Global Competitiveness Report published by the World Economic Forum. Hong Kong jumped ahead three places to 6th place over last year’s report.
The report finds that Hong Kong is 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.
When it comes to judicial independence the report ranks Hong Kong first (1st) in Asia and 13th globally – ahead of Japan, Singapore, Germany and the United States.
Hong Kong’s labor market is highly flexible and efficient, though the report acknowledges that the city could do better in terms of harnessing talent from its workforce. The city’s most significant improvement can be observed across the business sophistication and innovation pillars.
The “Global Competitiveness Report 2017–2018” covers 137 economies. It measures national competitiveness based on the set of institutions, policies and factors that determine the level of productivity.
WEF Global Competitiveness Index 2017-18
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