Page 20 - Building a Treasury Centre for Sustainable Growth

Overall Competitiveness

Singapore ranks 1 in the World Economic Forum’s Global Competitiveness Report 2019. It tops the
st
infrastructure, health and labour market pillars. Hong Kong SAR is ranked 2 overall in the Report
nd
in the health, product market and financial system pillars. Singapore and Hong Kong SAR’s pillar
scores in the Global Competitiveness Report are compared in the diagram below.

Singapore is more competitive for businesses looking at global expansion and market penetration.
Its competitive talent pool and English-speaking population are valuable assets for companies.
With higher spending on R&D and government incentives for adopting digitalisation, Singapore is
the preferred location for companies to harness greater efficiency from technology.

Hong Kong SAR, due to its close proximity to Mainland China, makes it an attractive location for
companies looking to enter the Mainland China market, and also due to its digitalised and skilled
workforce.

Singapore and Hong Kong SAR Pillar Scores in Global Competitiveness Report 2019

st
1 pillar: Institutions 80
78
nd
2 pillar: Infrastructure 95
94
3 pillar: ICT adaption 87
rd
89
th
4 pillar: Macro-economic stability 100
100
5 pillar: Health 100
th
100
6 pillar: Skills 79
th
78
7 pillar: Product market 81
th
82
8 pillar: Labour market 81
th
76
9 pillar: Financial system 91
th
91
10 pillar: Market size 72
th
71
11 pillar: Business dynamism 76
th
75
th
12 pillar: Innovation 75
63
0 20 40 60 80 100 120

Score
Singapore Hong Kong
Source:
Global Competitiveness Report 2019, World Economic Forum

18 Building a Treasury Centre for Sustainable Growth