Hong Kong comes fifth in world competitiveness ranking, Singapore takes top spot
- City’s business efficiency and infrastructure places seventh and ninth respectively, according to IMD World Competitiveness Ranking
Hong Kong has clawed back to fifth place in an annual global ranking of the world’s most competitive countries and regions, while Asia-Pacific rival Singapore has moved up three spots to the top.
The city climbed two places in the latest Swiss-based IMD World Competitiveness Ranking announced on Tuesday, with significant improvement in its economic performance as it jumped from 36th in 2023 to 11th this year.
Hong Kong’s business efficiency and infrastructure were ranked seventh and ninth respectively. Its government efficiency dropped one spot to third.
In response, Financial Secretary Paul Chan Mo-po said on his Facebook page: “The annual report fully affirms Hong Kong’s all-rounded and high-level competitiveness in multiple fields.”
The administration said the ranking reflected the city’s economic recovery last year, citing support from the central government and local measures to boost market confidence, such as organising mega events and drives to lure capital and talent.
According to a government spokesman, “good progress” had been made as the new measures were “implemented steadily” and the new rankings “recognised Hong Kong as one of the most competitive economies in the world”.