Hong Kong has been ranked third in a global competitiveness index, up two places from last year, with Chief Executive John Lee lauding his administration for improving government efficiency.
The Switzerland-based International Institute for Management Development (IMD) on Tuesday released the 2025 edition of its World Competitiveness Ranking.
Out of 69 economies, Hong Kong ranked behind only Switzerland and Singapore, returning to the top three for the first time since 2019.
In the latest IMD rankings, Hong Kong was followed by Denmark, the United Arab Emirates, and Taiwan. China ranked 16th, sandwiched between Iceland and Saudi Arabia.
Speaking at a weekly press conference on Tuesday, Lee said Hong Kong had scored 99.2 points out of 100 in the IMD ranking – up 7.7 points from last year, when the city ranked fifth, marking the biggest improvement among the top 10 in this year’s list.
Hong Kong also improved in the IMD’s assessment of government efficiency, business efficiency, economic performance, and infrastructure, the chief executive added.
“This shows the government’s governing approach is largely on the right track and various policies are effective,” he said in Cantonese.
Hong Kong scored 94.3 out of 100 for government efficiency, ranking second in the category this year. Last year, it ranked third.
Lee said he felt “encouraged” by the results and lauded the excellence of the city’s civil service.
“This also shows that my reform of government culture and making result-oriented policies are correct and effective,” he added.
Lee also said the city expected to have a GDP growth of 2 to 3 per cent this year, following a 2.5 per cent increase last year.
But he warned that some industries in Hong Kong, such as retail and the food and beverage sector, were facing challenges amid “a period of economic restructuring.”
He said the government would continue supporting small and medium-sized businesses in areas such as brand enhancement and market expansion.
Rising unemployment rate
Meanwhile, according to data released by the Census and Statistics Department on Tuesday, the unemployment rate increased to 3.5 per cent for the period between March and May, up from 3.4 per cent for the period between February and April.
The underemployment rate also rose to 1.4 per cent between March and May, from 1.3 per cent for the February-April period.
“Total employment fell by around 12,400 to 3,664,700, while the labour force dropped by around 6,000 to 3,800,500,” the government said on Tuesday.
