Singapore ranked the world’s most competitive economy, while Hong Kong rises to 5th

Australia, China, Korea, Thailand and Indonesia also saw significant improvements.

Singapore has been ranked the most competitive economy out of 67 across the world’s eight major regions, according to the 2024 IMD World Competitiveness Ranking (WCR).

Globally, Switzerland came second and Denmark third. Meanwhile, Nigeria, Ghana, and Puerto Rico made it to the list for the first time.

What makes Singapore stand out?

Reclaiming its top position since last occupying first place in 2020, the island nation showed strong performance in the areas of government efficiency (the extent to which government policies are conducive to competitiveness) and business efficiency (how well enterprises are performing in an innovative, profitable, and responsible manner).

Hong Kong's ranking improved

Hong Kong, on the other hand, saw an improvement in its ranking by two places, standing in the fifth position globally.

The SAR’s rankings in "business efficiency" and "infrastructure" rose notably and came within the top 10 globally. It also stayed high among the top three in "government efficiency" and saw significant improvement in "economic performance".

How did other economies in APAC fare?

Here’s the global ranking of APAC economies:

• 1^st Singapore (+3)
• 5^th Hong Kong (+2)
• 8^th Taiwan (-2)
• 13^th Australia (+6)
• 14^th China (+7)
• 20^th South Korea (+8)
• 25^th Thailand (+5)
• 27^th Indonesia (+7)
• 32^nd New Zealand (-1)
• 34^th Malaysia (-7)
• 38^th Japan (-3)
• 39^th India (+1)
• 52^nd Philippines (±0)
• 61^st Mongolia (+1)

Lead image / 123RF