Hong Kong was ranked the fifth most competitive economy in the World Competitiveness Yearbook 2022 published by the International Institute for Management Development, up from seventh last year.

Among the four competitiveness factors, Hong Kong continued to rank favorably in terms of government efficiency and business efficiency, while its rankings in economic performance and infrastructure also improved.

On sub-factors, the city continued to rank top in business legislation and was in the top three positions in public finance, tax policy as well as international investment.

The yearbook recognized Hong Kong as one of the most competitive economies in the world.