Hong Kong is world's 5th most competitive market

The city jumped two places from last year's ranking.

Hong Kong was able to enter the top five in IMD's World Competitiveness Ranking 2022, jumping two places from last year's list.

In Asia-Pacific, the city ranked second in competitiveness.

The city also ranked high across the four-factor rankings namely economic performance (No. 15), government efficiency (No. 2), business efficiency (No.7), and infrastructure (#14).

Across sub-factors, Hong Kong improved in Public Finance  2nd from 9th), and Health and Environment (21st to 18th). Its high placements in the  International Trade (4th) and International Investment (3rd) sub-factors also helped push its rankings this year.

On the flip side, the market fell in the Labor Market (20th from 8th), Education ( 13th from 8th), and Attitudes and Values (16th from 8th) sub-factors. 

It also ranked low in the Societal Framework sub-factor (33rd).

To further improve its competitiveness this year, IMD said Hong Kong should be able to control the epidemic, and support and revive the economy; navigate through the external challenges arising from the 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.