Latest news with #WorldCompetitivenessRanking
South China Morning Post
3 hours ago
- Business
- South China Morning Post
Hong Kong's coming third in competitiveness index ‘down to civil service reform'
Hong Kong has been named the third-most globally competitive economy in the world, climbing two places from last year, with city leader John Lee Ka-chiu attributing the rise to enhanced government efficiency resulting from civil service reforms. The chief executive said that Hong Kong had scored 99.2 out of 100 in the latest World Competitiveness Ranking, which was released by the Switzerland-based International Institute for Management Development (IMD) on Tuesday. The ranking put the city ahead of 66 other economies. Hong Kong's overall score was only surpassed by Switzerland and Singapore. 'This is also the first time Hong Kong is back in the top three since 2019,' Lee said at a press briefing ahead of his weekly Executive Council meeting. The index surveys 69 places based on their economic performance, government efficiency, business efficiency and infrastructure, each of which comprises five subcategories. Lee noted the city was ranked first in terms of its tax policies and said he was 'encouraged' that Hong Kong had come second in government efficiency, only being beaten by Switzerland. This year's index also saw Switzerland take the top spot from Singapore.
GMA Network
4 hours ago
- Business
- GMA Network
Philippines moves up to 51st spot in global competitiveness ranking
The Philippines' competitiveness ranking rose one notch this year amid improvements in economic performance and infrastructure, according to a report by the Switzerland-based Institute for Management Development (IMD). In its 2025 World Competitiveness Report, the IMD placed the Philippines 51st, up from 52nd last year, out of 69 economies it ranked all over the world. The IMD's World Competitiveness Ranking, first published in 1989, 'analyzes and ranks countries according to how they manage their competencies to achieve long-term value creation.' IMD divides its data into four areas, namely economic performance, government efficiency, business efficiency, and infrastructure. The four areas, together, capture various aspects of competitiveness, such as macroeconomic stability, fiscal policy, institutional quality, market openness, business dynamism, innovation, education, health, and environmental performance, according to the Swiss institute. The latest IMD report showed the Philippines' ranking in terms of the four key areas: Economic Performance - 33rd up from 40th Government Efficiency - 51st down from 49th Business Efficiency - 46th down from 43rd Infrastructure - 60th up from 61st Among Asia-Pacific's 14 economies, the Philippines ranked 13th—unchanged for six consecutive years. The IMD's report cited the following challenges for the Philippines this year: Rekindle the country's economic dynamism and growth trajectory. Address inflation expectations. Promote investments in inclusive technology to boost labor productivity and empower entrepreneurship. Improve education and healthcare to promote inclusive growth and reduce vulnerabilities. Adapt to shifting global economic and geopolitical dynamics. The report ranked Switzerland as the most competitive economy in the world this year, followed by Singapore and Hong Kong. —VBL, GMA Integrated News
The Star
4 hours ago
- Business
- The Star
Malaysia advances 11 spots in World Competitiveness Ranking 2025
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz KUALA LUMPUR: Malaysia has jumped 11 spots in the World Competitiveness Ranking (WCR) 2025 to 23rd place -- its best ranking since 2020 -- reflecting the progressive momentum in the country's economic recovery and reform agenda. The Ministry of Investment, Trade and Industry (MITI) said the latest ranking, up from 34th last year, also reaffirmed the nation's trajectory towards becoming one of the world's top 12 most competitive economies by 2033 as targeted under the MADANI Economy framework. "Economic performance, government efficiency and business efficiency factors drove Malaysia's overall competitiveness performance,' it said in a statement today. Malaysia ranked fourth globally in economic performance, improving four spots from eighth place last year. Both government efficiency and business efficiency factors improved by eight positions. MITI said the international trade sub-factor increased 11 places to sixth, as strong export growth in goods and services, diversified markets, and rising tourism receipts strengthened Malaysia's trade surplus. The ministry also expressed confidence that with strong governance, continuous commitment from the federal and state governments and close cooperation with the private sector, Malaysia is on the right path to position itself among the world's 12 most competitive economies by 2033. Commenting on the WCR 2025 ranking, MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government's whole-of-government approach under the MADANI framework demonstrated its commitment to holistic structural reforms. "Malaysia's move up the rankings by 11 positions to 23rd from 34th last year reflects how bureaucracy-related reforms are closely intertwined with facilitating robust investment and industrial growth, both critical for enhancing Malaysia's attractiveness as a preferred investment destination,' he said. MITI, through the National Competitiveness Committee (JKDSN) - co-chaired with Finance Minister II Datuk Seri Amir Hamzah Azizan - coordinates the strategic direction across ministries to enhance Malaysia's competitiveness. At the operational level, the Special Taskforce on Agency Reform (STAR), led by the Chief Secretary Tan Sri Shamsul Azri Abu Bakar, ensures effective implementation of competitiveness initiatives, including over 1,000 Reformasi Kerenah Birokrasi (RKB) projects aligned to the Public Service Reform Agenda (ARPA). The WCR is published annually by the Institute for Management Development based in Switzerland. It is a comprehensive report that evaluates countries based on their ability to create and maintain a business-friendly environment that fosters long-term prosperity. - Bernama
The Sun
4 hours ago
- Business
- The Sun
Malaysia achieves significant improvement in global competitiveness, says WCR report
Malaysia's advancement from 34th place last year highlights the country's robust economic recovery and ongoing reform initiatives, as noted by Miti. KUALA LUMPUR: Malaysia has climbed 11 positions in the 2025 World Competitiveness Ranking (WCR), securing the 23rd spot out of 69 economies—its highest placement since 2020. The WCR, released each year by the Institute for Management Development in Switzerland, evaluates countries based on their ability to foster a supportive business environment and drive sustainable economic growth. Malaysia's advancement from 34th place last year highlights the country's robust economic recovery and ongoing reform initiatives, as noted by the Ministry of Investment, Trade and Industry (Miti). This progress supports Malaysia's goal of joining the world's top 12 most competitive economies by 2033, as set out in the Madani Economic Framework. According to the WCR, Malaysia's enhanced global competitiveness is driven by strong economic performance, improved government efficiency, and more effective business operations. The country now ranks 4th globally in economic performance—up four spots from last year—while government and business efficiency factors each improved by eight positions. International trade has also seen significant progress, climbing 11 places to rank 6th, thanks to robust export growth, diversified markets, and increased tourism receipts, which together have strengthened Malaysia's trade surplus. At the strategic level, the National Competitiveness Committee, co-chaired by the Finance Minister II, coordinates efforts across ministries to boost competitiveness. At the same time, the Special Taskforce on Agency Reform (STAR), led by the Chief Secretary to the government, ensures the effective implementation of over 1,000 projects under the Public Service Reform Agenda. Further, Miti emphasises that these bureaucracy-related reforms are closely linked to facilitating strong investment and industrial growth, both of which are essential for making Malaysia a more attractive investment destination. The whole-of-government approach under the Madani framework demonstrates its commitment to comprehensive structural reforms. With an ongoing commitment from federal and state governments and close collaboration with the private sector, Malaysia is well-positioned to achieve its goal of becoming one of the world's 12 most competitive economies by 2033.
Malaysiakini
6 hours ago
- Business
- Malaysiakini
Malaysia jumps 11 spots to 23rd in competitiveness ranking
Malaysia's remarkable rise in the World Competitiveness Ranking (WCR) 2025 is clear evidence that the reforms implemented by the Madani government are yielding positive results, said Prime Minister Anwar Ibrahim. The WCR 2025 report showed Malaysia jumping 11 positions from 34th in 2024 to 23rd place, the country's best performance since 2020.
