The IMD World Competitiveness Ranking, which has been conducted since 1989, was announced on Tuesday. According to the ranking, Singapore has claimed the top spot for the second time in a row, while Hong Kong moved up two spots to fifth place.
Singapore outperformed Hong Kong in three areas this year, including government efficiency and business efficiency. However, Hong Kong’s economic performance saw a significant improvement as it jumped from 36th place in 2023 to 11th place this year. The city was ranked seventh in business efficiency and ninth in infrastructure.
Denmark was the first runner-up in the overall rankings this year, with Switzerland taking third place. Last year, Denmark was ranked first, followed by Ireland and Switzerland.
