Hong Kong was again ranked the second most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2019.

Responding to the report, the Government said it is committed to enhancing the competitiveness and vibrancy of Hong Kong’s economy, adding the yearbook once again recognised Hong Kong as one of the most competitive economies globally.

Amid keen competition among global economies, the city must keep up the effort in consolidating its competitive advantages, including an open and free market, an efficient public sector and a favourable business environment with a level playing field, it said.

The Government added it will continue to assume the role of a facilitator and promoter, and strive to enhance government-to-government co-operation to explore more opportunities for Hong Kong.

It also said it would step up investment in infrastructure, innovation and technology, nurturing talents and increasing land supply to provide a favourable environment for Hong Kong’s long-term economic development.

Out of the 63 economies assessed, Singapore ranked first, Hong Kong second, followed by the US, Switzerland and the United Arab Emirates.

Among four competitiveness factors, Hong Kong maintained the top rank in government efficiency and was ranked second in business efficiency and 10th in economic performance.