Chief Executive John Lee Ka-chiu celebrated Hong Kong for returning to the top three in the latest World Competitiveness Yearbook as the city has reclaimed 3rd place in global competitiveness since 2019.
Hong Kong’s Global Ranking in 2024
Published by the International Institute for Management Development (IMD), the Yearbook ranked Hong Kong with a total score of 99.2 out of 100, an increase of 7.7 points, marking the highest growth among the top ten.
Lee said the encouraging result reaffirmed the city's competitiveness.
Key Drivers Behind the City’s Efficiency
By highlighting the rising scores achieved by Hong Kong in overall performance and various sectors, Lee attributed the success to the appropriate direction of the administration, which has resulted in significant achievements.
With Hong Kong ranking second globally for "Government Efficiency," Lee expressed confidence that these achievements demonstrate the talents of civil servants and the effectiveness of his efforts to build a "results-oriented" government culture.
Additionally, Lee emphasized that the Yearbook recognized Hong Kong's world-class business environment, reflecting the positive views of business leaders on the city's competitiveness, including strengths such as the rule of law, a simple and low tax system, a stable financial sector, and the free flow of information and capital.
John Lee's Response to the Ranking
Acknowledging that the city is currently undergoing an economic transformation with fluctuations across different sectors, Lee highlighted a series of support measures, assuring Hong Kong will continue to serve as a "super connector" and "super value-adder" to explore new markets and foster a vibrant economy for the community.
Lee mentioned the launch of the public consultation for the Policy Address, encouraging the citizens and stakeholders from various sectors to provide feedback to address the needs of the community.
The Switzerland-based institute named Switzerland the most competitive country, followed by Singapore.
Meanwhile, the United States was ranked 11th, and China took 16th place.
