Hong Kong is world’s third most competitive country

Loses Number One position to the USA.

The IMD World Competitiveness Center in Switzerland said Asian nations are the most competitive in its rankings. Hong Kong placed third, Singapore fifth and Taiwan 11th.

Malaysia and Australia both dropped one place to 15th and 16th respectively, while South Korea stayed at 22nd and New Zealand slipped one spot to 25th. Thailand.

Thailand (27th), the Philippines (38th) and Indonesia (39th) all gained ground, but India slipped five places to 40th.

This year’s winner was the USA, which regained its No. 1 ranking due to a rebounding financial sector, an abundance of technological innovation and successful companies.

China improved two places to place 21st while Japan advanced three places to 24th.

Hong Kong was dragged down by its high property prices and rents. The business environment is also deteriorating and this discourages overseas investors.