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HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) has been ranked as the sixth most competitive economy in the world, according to the latest World Economic Forum (WEF) Global Competitiveness Index.

Hong Kong"s rank has climbed three spots from last year.

According to the index released on Wednesday, Switzerland, the United States, Singapore, the Netherlands and Germany are ranked the top five. The Chinese mainland is ranked the 27th.

The Swiss-based organization also lauded the HKSAR for having what it deemed as the best infrastructure in the world as well as the second most efficient market.

Its report said Hong Kong has a healthy level of competition and openness, and is supported by strong and stable financial markets.

Over the past year, the report said, Hong Kong benefited from a more favorable macroeconomic environment, partly due to the stabilization of regional financial markets.

Singapore fell by one spot from last year to rank the third overall, but remains the most competitive economy in Asia.

Switzerland retained its top global ranking, ahead of the United States.

The Chinese mainland went up by one spot from last year to the 27th.

The Swiss-based nonprofit foundation"s index ranks 137 economies each year by their ability to sustain inclusive growth that delivers positive change and benefits citizens and the environment.

It looks at 12 pillars of competitiveness, including innovation, infrastructure and the macroeconomic environment and ranks countries and regions on how they score in each category.