Hong Kong secures top 10 spot in IMD World Competitiveness Yearbook 2024

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18th June 2024 – (Hong Kong) In the recently published 2024 World Competitiveness Yearbook (WCY) by the International Institute for Management Development (IMD), Hong Kong has climbed two spots to secure the fifth position globally. This positive development reflects the city’s commitment to enhancing its competitive edge on the international stage.

The rankings in two of the four key competitiveness factors in the WCY 2024, namely “Business efficiency” and “Infrastructure,” witnessed notable improvements, propelling Hong Kong within the top 10 globally. Additionally, the city’s high ranking in “Government efficiency” remains steady in the top three. Notably, Hong Kong’s performance in “Economic performance” also demonstrated significant progress, mirroring the robust economic recovery experienced in 2023. Delving into sub-factors, Hong Kong achieved the top position in “International trade” and “Business legislation,” while securing a spot among the top five globally in “Tax policy,” “International investment,” “Basic infrastructure,” “Finance,” and “Education.”

A Government spokesperson emphasised, “Taking into account various factors, including objective data and business opinions, the IMD’s WCY 2024 continues to recognise Hong Kong as one of the most competitive economies worldwide.” The spokesperson further highlighted the resilient recovery of the Hong Kong economy, supported by the Central Government and complemented by measures to boost market confidence, stimulate tourism and consumption, and attract global enterprises, capital, and talent. The government’s endeavours encompass areas such as financial services, innovation and technology, and international trade, with a focus on green transformation and digital economy development, aiming to foster new and high-quality productive forces for the long-term sustainable development of the economy.

Under the principle of “one country, two systems,” Hong Kong benefits from the unwavering support of the motherland while maintaining strong international connections. The city serves as a unique amalgamation of Chinese and international advantages. Looking ahead, Hong Kong will continue to play its roles as a “super-connector” and a “super value-adder.” It will actively align with national development strategies, expand economic capacity, nurture new growth areas, and enhance competitiveness. These efforts aim to elevate economic development to new heights, creating abundant opportunities for the people and enterprises of Hong Kong.