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
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.