Singapore ranks second in global economic freedom

The country also ranked second in international trade freedom.

Singapore ranked as the second most free economy in the world, scoring 8.55 out of 10, according to the Fraser Institute.

The report analysed five areas that assess the extent to which countries' policies and institutions allow individuals to make their own economic choices.

Of the five categories, Singapore ranked second in freedom to trade internationally with a score of 9.56, third in regulation (8.73), 11th in legal systems and property rights (8.40), 31st in sound money (8.71), and 47th in the size of government (7.32).

Meanwhile, Hong Kong ranked first with a score of 8.58, whilst Venezuela placed last at 165th with a score of 3.02.