Swiss-based International Institute for Management Development has unveiled its «World Competitive Ranking» with a familiar Asian hub topping the list.
Singapore was the top economy globally, according to IMD’s «World Competitive Ranking» which covers 67 markets, up three ranks compared to the previous year.
The rankings were based on five primary factors: domestic economy, international trade, international investments, employment and prices. In these sub-categories, the city-state ranked eighth, second, second, fifth and 62nd, respectively. The report cited heightened geopolitical tensions, resource constraints and capitalization of technological disruptions as challenges for 2024.
Hong Kong
Rival Asian hub Hong Kong rose two ranks year-on-year to reach the fifth position on the list. The city saw the greatest improvements in its domestic economy and employment which increased by 31 and 20 positions, respectively.
Challenges for the year include geopolitical tensions and evolving international trade patterns, capitalization on mainland opportunities, tech development and green transformation, land and manpower supply constraints as well as an aging population.
Other economies in the top five were Switzerland (second), Denmark (third) and Ireland (fourth).
