Hong Kong has seen a significant improvement in its global competitiveness ranking, moving up from 7th place last year to 5th place, according to the World Competitiveness Yearbook 2024 released by the International Institute for Management Development (IMD) in Lausanne, Switzerland.
In the global rankings, the top 10 economies are Singapore, Switzerland, Denmark, Ireland, Hong Kong, Sweden, UAE, Taiwan, Netherlands, and Norway. The United States is ranked at 12th place, Australia at 13th, Mainland China at 14th, Canada at 19th, South Korea at 20th, and Japan at 38th.
The report highlights that in the four key factors that IMD assesses competitiveness, Hong Kong has shown remarkable progress. In terms of “economic performance,” Hong Kong’s ranking has jumped from 36th place to 11th place, while in “business efficiency,” it has climbed from 11th place to 7th place. However, the city’s ranking in “government efficiency” has dropped slightly to third place, and in “infrastructure,” it has improved from 13th to 9th place.
In other aspects, Hong Kong is ranked first in “international trade” and third in “international investment.” For “local economy” and “employment,” it ranks 25th, while for “prices,” it is positioned at 65th place.
These findings demonstrate Hong Kong’s resilience and strength in the global economic landscape. The city’s continued focus on economic performance, business efficiency, and international trade has contributed to its competitive edge. As the world economy evolves, maintaining and enhancing these factors will be crucial for Hong Kong to sustain its position as a key player on the world stage.