Singapore ranks 2nd most free economy in the world in 2010

Singapore scored 87.2 in the 2011 Index of Economic Freedom.

According to the Index done by the Heritage Foundation and the Wall Street Journal, Singapore's score increased by 1.1 from last year's index and is only around 3 points away from the top position.

Singapore's score reflects gains in fiscal freedom, monetary freedom, and financial freedom, Heritage Foundation said. The overall freedom to conduct a business is well protected under Singapore’s regulatory environment. Starting a business takes only three days, compared to the world average of 34 days. Obtaining a business license takes much less than the world average of 18 procedures and 209 days. Bankruptcy procedures are straightforward.

The 2011 Index of Economic freedom ranked 179 countries from around the world and Hong Kong claimed the top position with the score of 89.7.