Hong Kong Achieves Highest Global Competitiveness Ranking in Seven Years

Hong Kong has secured the second spot in the global competitiveness rankings, achieving its best performance in seven years. The latest report by the Switzerland-based International Institute for Management Development (IMD), released on Thursday, places Hong Kong just behind Singapore among 70 economies surveyed worldwide.

This marks a significant improvement for Hong Kong, which climbed one position from last year’s third-place ranking. The city’s rebound is particularly notable, as it had slipped to seventh place in 2023. Hong Kong’s current standing matches its 2019 performance, while its highest-ever ranking was first place in 2017.

The IMD attributed Hong Kong’s rise to consistent progress over the past three years, highlighting the dominance of Asian economies at the top of the list. Besides Singapore, Hong Kong outperformed Switzerland and Taiwan, securing its position as a leading global hub for business and economic activity.

The report evaluated economies based on four key factors: government efficiency, infrastructure, economic performance, and business efficiency. Hong Kong showed sustained strength across all these areas, reflecting its resilience and ability to adapt to global challenges.

This achievement underscores Hong Kong’s role as a competitive player on the global stage, reaffirming its importance in the Asian and international economic landscape. The city’s continued improvement in competitiveness is likely to bolster investor confidence and enhance its appeal as a destination for global businesses.