HK lands 5th in world competitiveness ranking

The city’s economic performance, business efficiency, and infrastructure improved. 

Hong Kong climbed two spots in the latest World Competitiveness Ranking by the International Institute for Management Development (IMD), ranking fifth in the 2024 list.

IMD ranks 67 markets based on four major factors: economic performance, government efficiency, business efficiency, and infrastructure.

Hong Kong’s economic performance showed the most significant improvement from 36th in 2023 to 11th in 2024, with a score of 60.2.

The domestic economy and employment indicators made the biggest leaps in 2024.

Business efficiency and infrastructure also improved, scoring 79.5 and 72.7 and landing seventh and ninth, respectively.

Business efficiency indicators generally improved, except for attitude and values, which fell.

IMD observed the same trend in infrastructure, except for the technological infrastructure indicator.

Whilst still in the top five, government efficiency in Hong Kong fell to third in 2024, with a score of 85.2. Only tax policy increased among the indicators analysed. 

Hong Kong ranked second in Asia Pacific behind Singapore.

Hong Kong was also recently named the world's most expensive city, driven by high housing, transportation, and goods costs.