On Tuesday, the annual Swiss-based IMD World Competitiveness Ranking was announced, revealing that Hong Kong has risen to fifth place while Singapore has claimed the top spot. The city moved up two spots this year, with its economic performance seeing a significant improvement as it jumped from 36th place in 2023 to 11th place this year. In infrastructure and business efficiency, Hong Kong ranked seventh and ninth respectively, but dropped one spot to third in government efficiency.
In contrast, Singapore, which last held the top position in 2020, came in second in government efficiency. Singapore outperformed Hong Kong in three other areas, ranking third in economic performance, second in business efficiency, and fourth in infrastructure. The IMD World Competitiveness Centre noted that Singapore had made a strong comeback this year, showing robust performance in government and business efficiency.
The ranking included 67 economies and Switzerland was the first runner-up overall this year. Denmark took third place while last year’s rankings saw Denmark at the top followed by Ireland and Switzerland. The report highlighted the key factors contributing to each country’s competitiveness such as innovation capabilities and productivity levels.
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