【明報專訊】In the latest World Competitiveness Yearbook published by the International Institute for Management Development (IMD) in Lausanne, Switzerland, Hong Kong has moved up by two places to rank fifth. However, judging from Hong Kong's performance in different sub-items, it is easy to see the hidden challenges it faces. Hong Kong's competitiveness ranking has climbed back up mainly due to the strong economic rebound amid the pandemic last year and good public finances. It does not take into account the impact of the fifth wave of the pandemic on the economy this year.