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Hong Kong surpasses S'pore as world's most globalised economy

Li Tao AsiaOne 01/24/2011 16:58
Hong Kong surpasses S'pore as world's most globalised economy - Hong Kong - Business - economy


HONG Kong has topped the 60 largest economies in the world in terms of globalization, according to a survey released Monday by Ernst & Young and the Economist Intelligence Unit.



The Globalization Index 2010 measures and tracks five broad categories in 60 economies including openness to trade, capital movements, exchange of technology and ideas, movement of labor as well as cultural integration.

It surveys more than 1,000 global senior business executives and a number of high-level experts, and Hong Kong surpassed previous winner Singapore to take top spot this year. Ireland also jumped one place to second position while Singapore took third.

"Hong Kong has overtaken Singapore as the most globalized economy in the world. Two out of the top three economies are from Asia-Pacific, which shows how the region is embracing globalization," said Agnes Chan, Ernst & Young's regional managing partner, Hong Kong and Macao.

The mainland climbed one position to 39th in the index, while Taiwan was ranked 12th this time, down from 2009's 11th. The US stepped down four places to 28th in the survey.

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