Hong Kong is the 5th most competitive market in the world
In Asia-Pacific, it ranked second.
Hong Kong rose two places to rank 5th in the 2022 IMD World Competitiveness ranking. In Asia-Pacific, the city ranked second, behind Singapore.
Under the ranking, markets are scored based on economic performance, government efficiency, business efficiency, and infrastructure.
In the abovementioned factors, Hong Kong placed 15th (61.91 pts), 2nd (92.32 pts), 7th (87.97pts), and 14th (74.22 pts), respectively. Overall, Hong Kong scored 94.89, which landed the city behind Sweden (97.71, 4th) Singapore ( 98.11, 3rd), Switzerland (98.92, 2nd) and Denmark (100,1st).
To stay competitive, the IMD said Hong Kong must be able to control the epidemic, and support and revive its economy.
The city should likewise be able to navigate through the external challenges arising from slower global economic recovery, monetary policy normalisation by major central banks and mounting geopolitical uncertainties; seize the opportunities brought by the Mainland’s economic development; further promote innovation and technology; and address the growth constraints of land and manpower.