Singapore has reclaimed the top spot in the annual global ranking of the world’s most competitive countries and regions, while Hong Kong has moved up to fifth place. The latest Swiss-based IMD World Competitiveness Ranking revealed this news on Tuesday, showing that Hong Kong’s economic performance has greatly improved, moving from 36th place in 2023 to 11th this year.
In terms of business efficiency and infrastructure, Hong Kong ranked seventh and ninth respectively. However, its government efficiency dropped one spot to third place. Singapore, on the other hand, outperformed Hong Kong in economic performance, business efficiency, and infrastructure, ranking third, second, and fourth respectively.
The IMD World Competitiveness Center noted that Singapore had shown a return to form with a particularly robust performance in government and business efficiency. The ranking saw Switzerland as the first runner-up, with Denmark in third place. Last year, Denmark topped the IMD World Competitiveness Ranking, followed by Ireland and Switzerland.
