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.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

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.

More from South China Morning Post:

For the latest news from the South China Morning Post download our mobile app. Copyright 2024.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

Brunei-Muara all set for get-together with Sultan
Launched: "Guidelines for Provision of Feminist Counselling and Support to Victims/Survivors of Violence against Women"
Indonesian gov receives proposals for seven new SEZs
Singapore’s sovereign wealth fund GIC posts 3.9% annualised return over 20 years
Asian markets track Wall St losses after mixed tech earnings
Social media influencer Aanvi Kamdar suffers fatal fall while filming reel near 300ft gorge
Malaysian star Jack Tan on the advice HK star Tony Leung Chiu Wai imparted to him
Long weekends to generate almost US$500 mil from domestic tourism
Singapore's GIC sees inflation and geopolitical tensions weighing on investments, highlights AI potential
Myanmar’s army leader named acting president to renew state of emergency

Others Also Read