In the latest IMD World Competitiveness Ranking, Singapore has surged three spots to claim the top position, while Hong Kong has climbed back to fifth place. Singapore outperformed Hong Kong in economic performance, business efficiency, and infrastructure, ranking third, second, and fourth, respectively. The city-state had shown a strong performance in government and business efficiency, marking a return to form for the country.
On the other hand, Hong Kong made significant improvements in economic performance, moving up from 36th place in 2023 to 11th place this year. The city’s business efficiency was ranked seventh and its infrastructure was ninth. However, government efficiency dropped one spot to third.
The annual ranking included 67 global economies in the latest report. Switzerland was the first runner-up in the overall rankings this year, with Denmark placing third. Last year, Denmark topped the rankings, followed by Ireland and Switzerland.