IMD World Competitiveness Ranking (WCR), which measures economies of varying population sizes and GDP scales, has released its 2024 edition. Hong Kong has managed to reclaim its position in the top five since 2022. Singapore has moved up three places to claim the top spot, followed by Switzerland in second place and Denmark in third. Notably, Nigeria, Ghana, and Puerto Rico have made their debut appearances in the rankings.
The data was collected from 67 global economies and based on scores, Hong Kong’s economic performance moved up to 11th place from its 36th ranking in 2023. Sub-factors like the domestic economy also saw significant improvement, jumping up by 31 places. Hong Kong claims the number one spot for international trade, with business efficiency and infrastructure ranking seventh and ninth respectively.
In terms of other indicators, employment rose by 20 places to 25th ranking, while prices dropped one spot to 65th position. Government efficiency also decreased by one place to third position.
According to the WCR, Hong Kong confronts challenges amidst complex external circumstances due to ongoing geopolitical tensions and shifting global trade dynamics. However, there are opportunities arising from Mainland China's focus on high-quality development. Hong Kong needs to work on enhancing innovation and technology, drive green initiatives, tackle limitations in land and labour supply, and address economic and fiscal challenges posed by an ageing population.
See the complete ranking here and explore Hong Kong’s ranking over the years.
Since the beginning of the year, the HKSAR Government has implemented various measures to enhance market confidence and has hosted large-scale events to boost tourism and consumption, resulting in moderate economic growth in the first quarter of 2024. According to a press release from the Hong Kong government this morning, the city will "continue to expand our economic capacity, cultivate new growth areas and enhance competitiveness, so as to bring our economic development to a higher level, creating more and better development opportunities for the people and enterprises."
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