Singapore Beats Hong Kong to Become ‘World’s Freest Economy’ for First Time
- Erosion of judicial independence cited as a reason for decline
- City had held top spot in Fraser Institute report for 51 years
Buildings on the city skyline in Singapore.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Hong Kong’s half-century reign as the world’s freest economy has ended, according to the most recent rankings compiled by a Canadian think tank that cited eroding judicial independence as one factor.
The Asian financial hub fell to second place in the Economic Freedom of the World Index for the first time since its records began in 1970. The Fraser Institute report released Tuesday is based on data from 2021, and the organization said the city’s ranking is expected to fall even further in the following years.