Top digitally competitive economies in 2024

Singapore has topped the global digital competitiveness ranking again, while Hong Kong has risen to the seventh place.

Once again, Singapore has topped the 2024 IMD World Digital Competitiveness Ranking (WDCR), followed by Switzerland and Denmark in second and third respectively.

Hong Kong's ranking, on the other hand, has improved by three places to seventh globally. The US, however, has declined by three positions to rank fourth.

Published annually by the World Competitiveness Center (WCC) of the International Institute for Management Development (IMD), the ranking measures digital competitiveness among 67 global economies by using hard data and survey responses to gauge their strengths and weaknesses.

Singapore has maintained its pole position thanks to its strengths in city management, the number of high-tech patent grants, banking, and financial services, as well as public-private partnerships.

As for Hong Kong, the SAR continued to perform well in "Technology" and "Knowledge", ranking third and fifth respectively. The city’s ranking in "Future readiness" also improved.

Rankings of APAC economies:

The report indicated that geopolitical tensions have increasingly become a defining factor in shaping the digital competitiveness of countries. Another significant challenges to digital competitiveness heading into 2025 is how much disparity exists in the development of digital infrastructure across countries.

In addition, the report signalled how economies must grapple with the pace of change in technological advancement and in the requirements of capabilities.

While emerging technologies such as artificial intelligence (AI), blockchain, and quantum computing are driving innovation, reshaping industries, economies, and societies, they can also widen the digital gap. Markets that effectively exploit the power of these technologies are likely to enhance their digital competitive advantage, leading to sustained economic growth, improved productivity, and greater global influence.

"Economies that balance strong governance, technological advancement, and adaptability to emerging trends are likely to lead in digital competitiveness in the years ahead,” added WCC Chief Economist Christos Cabolis.

The ranking’s methodology divides digital competitiveness into three factors: knowledge, technology, and future readiness. Each of these factors is divided into three sub-factors which highlight every facet of the areas analysed. Altogether, the ranking features nine such sub-factors, which house a total of 59 criteria.

ALSO READ: Key HR areas for AI transformation in 2025: Talent acquisition, employee experience, and more