Hong Kong Regains Title of World’s Freest Economy

October 18, 2024

Hong Kong has regained its title as the freest economy in the world, surpassing Singapore, according to the Fraser Institute’s Economic Freedom of the World report. This ranking is important, especially since earlier reports showed a decline in Hong Kong’s economic freedoms.

Score Comparison

In the latest report, Hong Kong scored 8.58, just ahead of Singapore’s score of 8.55. Following them, Switzerland ranked third, New Zealand fourth, and the United States fifth. On the other hand, Venezuela was ranked last, with a low score of 3.02.

Recent Trends

These findings show a positive change for Hong Kong, especially after a recent survey named it Asia’s top financial center. This is significant for John Lee, who is the leader of Hong Kong, as he aims to improve the city’s image on the global stage.

Concerns About Economic Freedom

Despite the good news, the Fraser Institute warns that Hong Kong’s economic freedom has been decreasing in recent years. They believe that interference from China poses a serious risk to the region’s laws and its overall ability to manage its economy independently.

Global Economic Freedom Landscape

The report also indicates that there has been a global decline in economic freedom for the third year in a row. This suggests a worrying trend away from the progress seen over the past decade. The Fraser Institute has been ranking economies in this way since 1970, highlighting changes in global economic policies over time.

The Hong Kong government has welcomed this new ranking and stated that it is committed to upholding the rule of law, despite growing concerns about outside influences on how it governs.

About Hong Kong

Hong Kong is known for having the longest escalator system in the world, which stretches 800 meters. It also boasts more skyscrapers than any other city, with over 1,500 buildings. Even though it is a small area, it is one of the most densely populated places in the world, with more than 7 million residents. The city has a unique culture that blends British colonial history with Chinese traditions, often described as “East meets West.” Additionally, Hong Kong’s MTR (Mass Transit Railway) system is famous for its efficiency. One of its notable landmarks is the Tian Tan Buddha statue on Lantau Island, which is one of the largest outdoor seated Buddhas in the world.

« Previous Post Next Post »