HONG KONG, June 22 – 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, said the Hong Kong Special Administrative Region (HKSAR) government on Tuesday.
In a breakdown of four competitiveness factors put forth by the report, Hong Kong’s rankings in “business efficiency” and “infrastructure” both rose to the top 10 globally.
The city ranked third among the countries and regions IMD tracked in terms of “government efficiency”, while its place under the “economic performance” metric saw significant improvement, reflecting its economic recovery in 2023.
