In the latest IMD World Competitiveness Ranking, Hong Kong has climbed back to fifth place, while regional competitor Singapore has surged three spots to claim the top position. The city’s business efficiency and infrastructure were ranked seventh and ninth, respectively, while government efficiency dropped one spot to third.
On the other hand, Singapore, which last held the top spot in 2020, came in second in government efficiency. Singapore 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 strong performance in government and business efficiency, marking a return to form for the city-state.
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.
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