Heritage Foundation report: Hong Kong worlds’ freest economy 17th year in a row
The Heritage Foundation, a conservative free-market think-tank based in Washington D.C., rated Hong Kong
the world’s freest economy for the 17th year in a row.
Heritage Foundation has published the Index of Economic Freedom since 1995 and Hong Kong has always come out on top.
The world average is 59.7 whereas Hong Kong’s score was 89.7. Singapore and Australia followed at 87.2 and 82.5 respectively.
Hong Kong declined in government spending and labor freedom and Singapore’s rating increased 1.1 points from last year. Singapore is posed to pass Hong Kong next year if it continues to make improvements in banking.
The United States slipped one notch from eighth to ninth because of massive government spending and the passing of Obama-care.
“Hong Kong, one of the world’s most competitive financial and business centers, demonstrated a high degree of resilience during the global financial crisis,” the report said.
Ten factors play into the Heritages’s evaluation of economic freedom. These factors are: business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom.