Hong Kong ranks fifth in world’s most competitive economies, Singapore jumps to top spot
Hong Kong ranks fifth in world’s most competitive economies, Singapore jumps to top spot
Hong Kong has clawed back to fifth place in an annual global ranking of the world’s most competitive countries and regions, while regional rival Singapore has moved up three places to claim the top spot.
The city improved by 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, with its government efficiency dropping one spot to the third.
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Meanwhile, Singapore, reclaiming the top position that it last held in 2020, came in second in government efficiency. It beat Hong Kong in the other three areas, coming in third in economic performance, second in business efficiency and fourth in infrastructure.
The IMD World Competitiveness Center said Singapore had marked “a return to form” as the city state, which ranked fourth last year, had shown “a particularly robust performance” in government and business efficiency.
The ranking, which began in 1989, covered 67 global economies in its latest report.
Switzerland was the first runner-up in the overall rankings this year, while Denmark was placed third.
Last year, Denmark was the top-ranked country, followed by Ireland and Switzerland.
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