Hong Kong has remained the second most competitive place in the world after the US in the latest Global Competitiveness Report published by the International Institute for Management Development based in Lausanne, Switzerland. The SAR received the same ranking in the Institute's report last year.

Hong Kong was followed by Singapore, Iceland, Denmark, and Australia.

The Chinese mainland and India have overtaken South Korea in competitiveness and risen to 19th and 29th on the list, respectively 12 and 10 places above last year.

Among the Asian countries, South Korea has dropped below Hong Kong, Singapore, Taiwan Province, the Chinese mainland, Japan, Malaysia, India and Thailand.

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