Hong Kong was ranked fifth by the International Institute for Management Development (IMD) in its World Competitiveness Yearbook 2024, up two places from last year. The findings continued to recognise Hong Kong as one of the most competitive economies in the world.
Among the four competitiveness factors, Hong Kong’s ranking in government efficiency stayed high among the top three. The city's rankings in business efficiency and infrastructure rose notably and came within the top 10 globally. Its ranking in economic performance saw significant improvement, reflecting the economic recovery in 2023.
Image source facebook.
As regards the sub-factors, Hong Kong topped the rankings in international trade and business legislation, and was among the global top five in tax policy, international investment, basic infrastructure, finance and education.
Under “one country, two systems”, Hong Kong enjoys the strong support of the motherland while being closely connected to the world, and is the only city that combines Chinese advantages and international advantages. Hong Kong will continue to perform its roles and functions as a super-connector and a super value-adder, and proactively integrate into the overall national development and align with national development strategies.
Hong Kong's Deputy Financial Secretary for Administration, Michael Wong, has heralded the city's climb to the 5th position in the "World Competitiveness Yearbook 2024," published by the International Institute for Management Development (IMD) in Lausanne, Switzerland. This represents a commendable increase of two places from its previous ranking, reflecting Hong Kong's vibrant economic landscape and the vast opportunities it offers.
Hong Kong ranks fifth in World Competitiveness Yearbook 2024.
According to Michael Wong, the IMD's ranking is a comprehensive evaluation that incorporates a wide array of factors, including objective data and insights from the business community. The recognition by the IMD further cements Hong Kong's status as one of the world's most competitive economies. Wong's briefing to the IMD on Hong Kong's strategic economic development plans has been instrumental in showcasing the city's commitment to attracting global enterprises, investments, and talent, as well as its focus on nurturing both traditional and emerging industries.
The IMD has expressed its strong recognition of Hong Kong's proactive efforts to integrate into the national development strategy, aiming to expand its economic capacity and promote the growth of new, high-quality productive forces. In the "Economic performance" category, Hong Kong has made a remarkable leap of 25 places to rank 11th globally, which is a significant factor in the overall improvement of its ranking.
Hong Kong ranks fifth in World Competitiveness Yearbook 2024.Image source facebook.
Despite the challenging external economic environment, Deputy Financial Secretary Wong highlighted that the government has introduced a range of measures to strengthen market confidence and support the economy. The Hong Kong economy has demonstrated resilience, with a return to growth last year and a 2.7% year-on-year increase in the first quarter of this year. The projection for real GDP growth in 2024 is optimistic, ranging from 2.5% to 3.5%.
Hong Kong's Deputy Financial Secretary for Administration Michael Wong.Image source facebook.
In addition to economic performance, Hong Kong has also seen notable improvements in its rankings for "Business efficiency" and "Infrastructure," securing a place within the top 10 globally. Furthermore, "Government efficiency" remains in the top three, a testament to the high standards of governance and administration in Hong Kong.
Deputy Financial Secretary Michael Wong emphasized that the government will continue to concentrate on pursuing economic growth, advancing development, and enhancing the well-being of its citizens. As a "super-connector" and "super value-adder," Hong Kong is poised to expand its economic capacity, cultivate new areas of growth, and enhance its competitiveness, thereby elevating the city's future development to unprecedented levels.
