According to the 2024 IMD World Competitiveness Yearbook released by the IMD Switzerland, Hong Kong has risen two places in the global competitiveness rankings, reentering the top five globally and ranking second only to Singapore among Asian countries.
The IMD World Competitiveness Yearbook covers 67 global economies and serves as a global reference for measuring economic competitiveness. The global rankings show that Singapore is the most competitive economy, followed by Switzerland, Denmark, Ireland, Hong Kong, Sweden, the United Arab Emirates, Taiwan, the Netherlands, and Norway. The United States ranks 12th, China ranks 14th, South Korea ranks 20th, and Japan ranks 38th.
The IMD World Competitiveness report divides competitiveness into four main indicators: business efficiency, government efficiency, infrastructure, and economic performance. Hong Kong ranks first in international trade and business legislation but has lower price competitiveness.
In terms of government efficiency, Hong Kong ranks third, dropping one place from last year. Infrastructure ranking has improved from 13th to 9th place. Business efficiency has returned to 7th place, and economic performance has rebounded from 36th to 11th place. In specific indicators, Hong Kong continues to rank first in business legislation and international trade, which has risen by four places to the top. It ranks second in tax policy and third in international investment. Infrastructure has risen by eight places to third. Both finance and education have risen to fourth place. Management practices continue to rank sixth. Health and environment have risen by six places to tenth. Employment ranking has improved by 20 places to 25th. However, the ranking for technological infrastructure has dropped three places to eighth, and public finance and institutional framework have each dropped one place, ranking ninth and twelfth, respectively.
IMD states that against the backdrop of ongoing geopolitical tensions and constantly changing international trade patterns, Hong Kong needs to deal with a complex external environment, seize opportunities for high-quality development in the mainland, promote innovation and technological development, facilitate green transformation, overcome limitations in land and labor supply, and address the economic and fiscal impacts of an aging population.
The Hong Kong government states that the 2024 report published by IMD recognizes Hong Kong as one of the world's most competitive economies after comprehensive consideration of objective data and business opinions. With strong support from the central government, Hong Kong's economy has continued to recover from the pandemic. The SAR government has taken multiple measures to strengthen market confidence, stimulate tourism through hosting major events, and promote consumption, consolidating the momentum of economic recovery. Meanwhile, Hong Kong actively attracts businesses, capital, and talent from around the world, promotes the development of advantageous sectors such as finance, innovation and technology, and trade, embraces green transformation and digital economic development, accelerates the formation of new productivity, and drives high-quality long-term economic development. These efforts contribute to enhancing Hong Kong's global competitiveness and laying the foundation for future economic growth.