A 2014 ranking conducted by Swiss business school IMD’s put Hong Kong in fourth place, losing its spot to regional rival Singapore, reports The Standard.
Singapore was fifth most competitive economy in the world last year, jumping two spots to third and overtaking Hong Kong at fourth.
China, like Hong Kong, also fell in the ranks, claiming 23rd this year, two spots lower than it’s 21 position last year.
An economics professor claims that Hong Kong’s reduced competitiveness is due to its high rents and unresolved conflicts with the mainland.
