Hong Kong has ranked fifth in the 2024 World Competitiveness Ranking, an index produced by the business school International Institute for Management Development (IMD), while Singapore has reclaimed the top spot for the first time since 2020. Announced on Tuesday, the index has been evaluating the competitiveness of global economies annually for 30 years based on four main factors: economic performance, government efficiency, business efficiency, and infrastructure. Hong Kong used to have a place within the top three but its ranking has fallen since 2020. It ranked fifth in 2022 and seventh in…