Hong Kong reclaims title as World’s Freest Economy, overtaking Singapore

Hong Kong has reclaimed its position as the world’s freest economy, overtaking Singapore, according to a recent report from the Canadian think tank, Fraser Institute.

Hong Kong earned a score of 8.58, narrowly surpassing Singapore’s 8.55, in the Fraser Institute’s latest Economic Freedom of the World report for 2022.

Last year, the institute announced that Singapore took the top spot for the first time. However, after the data was updated, the researcher said that Hong Kong had held the number one position all along, Bloomberg reported. 

According to CNBC, the findings last year, based on data from 2021, Singapore scored 8.56, ahead of Hong Kong’s 8.55.

Switzerland came in third, followed by New Zealand and the United States. Venezuela came in last, ranking 165th with a score of 3.02.

The results follow a recent survey showing Hong Kong regained its position as Asia’s top financial centre, offering a boost to John Lee, Hong Kong’s leader, in his efforts to improve the city’s global image as an international hub. However, the Fraser Institute pointed out that Hong Kong’s score has been declining for years and warned that China’s interference poses a risk to its rule of law.

Economic freedom globally has decreased for the third consecutive year, following over a decade of progress, according to the researcher, which has been publishing these rankings since 1970. The Hong Kong government welcomed the report’s findings and stood by its rule of law. /TISG

Read also: Singapore ranks as the 2nd leading source of global cross-border capital in 2024

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