It is encouraging that Hong Kong's ranking in the "World Competitiveness Yearbook 2024" published by the International Institute for Management Development (IMD) in Lausanne, Switzerland rose by two places to the 5th globally, Deputy Financial Secretary Michael Wong said on Facebook.
"Having taken into account a host of factors including objective data and business opinions, the IMD continued to recognise Hong Kong as one of the most competitive economies in the world. It is testimony that our economic outlook is bright and with infinite opportunities ahead."
The Government Economist has earlier briefed IMD on Hong Kong's short and medium-term economic development strategies, including measures on attracting enterprises, investment and talent from around the world to come to Hong Kong, as well as on driving development of industries over which we have advantages and emerging industries. The IMD expressed strong recognition and affirmation of Hong Kong's efforts in actively integrating into overall national development, expanding our economic capacity and pushing forward new quality productive forces.
Among the four competitiveness factors in the "World Competitiveness Yearbook 2024", "Economic performance" surged 25 places to 11th globally, which is a major reason for the rise in Hong Kong's overall ranking. Notwithstanding the challenging external environment, the Government has launched an array of measures to bolster market confidence and support the economy. The Hong Kong economy reverted to growth last year and grew further by 2.7% year-on-year in the first quarter this year. Real GDP growth for 2024 is forecast at 2.5% to 3.5%, according to Wong.
As for the other three factors, Hong Kong's rankings in "Business efficiency" and "Infrastructure" rose notably and came within the top 10 globally. HK's ranking in "Government efficiency" also stayed high among the top three. These favourable performances all validate the current-term Government's efforts and achievements in various aspects, he said.
"The Government will continue to focus our efforts on pursuing economic growth, advancing development and improving people's livelihoods, as well as performing our roles and functions as a 'super-connector' and 'super value-adder'. More so, we will strive to expand our economic capacity, cultivate new growth areas and enhance competitiveness, so as to bring our future development to a higher level," said Wong.
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