Hong Kong named world's most competitive economy

It's been recognised as such for two consecutive years.

Financial Secretary Paul Chan has welcomed the ranking of Hong Kong as the world's most competitive economy for two consecutive years.

The International Institute for Management Development World Competitiveness Yearbook 2017 ranked Hong Kong top among the 63 economies assessed, followed by Switzerland, Singapore and the US.

Mr Chan today noted the institute's high regard for Hong Kong and its recognition of the city’s robust financial system and fiscal discipline.

"I am delighted to see Hong Kong, after returning to the top position last year, has been ranked as the world's most competitive economy in 2017 again."

He said Hong Kong will strive to uphold its competitive edge by opening up new markets and nurturing new industries.

The institute also recognised Hong Kong’s efficient public sector, open and free market principle as well as the rule of law.

The report assessed each economy on four competitiveness factors: economic performance, government efficiency, business efficiency and infrastructure.

Hong Kong's rankings in government and business efficiency continued to be placed first globally.

The ranking in infrastructure climbed one place from 21st to 20th, while that in economic performance fell six places from fifth to 11th, reflecting Hong Kong’s moderate overall economic growth amid external uncertainties last year.