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The World Economic Forum’s annual Global Competitiveness Report said that Hong Kong and Japan were the top two financial centers for global growth.

In its Global Competitiveness Index released on Wednesday, the World Economic Forum said Hong Kong and Japan were the top two financial centers in the world for global growth. It said that Hong Kong’s investment level in 2010 was a notch above Japan’s, which means the two financial centers were already benefiting from the economy growth rate, while Japan’s level was just one notch below Hong Kong’s. The index also pointed out the need for countries to increase productivity to improve their competitiveness, and how increasing the share of technology in the workforce can bring about faster improvement in a country’s competitiveness and the economy.

Hong Kong is the world capital of banking and finance, with a GDP per capita of USD 20,400 and an annualized growth rate of 5.1 per cent in 2010 – almost double the second-place Singapore. Singapore has maintained its position on the Global Competitiveness Index for the last three years, which makes sense as Hong Kong has been an active member of the G-20 since 1998. Singapore, which has also been a member of the G-20 for over three decades, currently ranks 22nd.

Japan, meanwhile, ranked sixth in the ranking, which makes sense considering the fact that the country is home to the financial center of Japan. Japan’s GDP per capita in 2010 was USD 17,700, and annualized growth in the country was 3.9 per cent. For comparison, Hong Kong had a high growth rate, at 9.9 per cent a year on average, in 2010, so the two financial centers did well despite their differences.
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Hong Kong also earned high rankings relative to other markets, with a relatively low unemployment rate of nearly 7 per cent – better than the 6.1 per cent rate for other countries on the Global Competitiveness Index.

In 2011, Hong Kong ranked 17th in the G-20, up one spot from the year before, and in 2012 it ranked second behind Japan and third behind Singapore.

The World Economic Forum’s Global

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