Singapore snatches Hong Kong’s crown as world’s freest economy

Improvement in its size of government boosted Singapore in the rankings.

Singapore has overtaken Hong Kong as the world’s freest economy.

Based on the Fraser Institute’s Economic Freedom of the World 2023 report, Singapore’s overall score rose 0.06 points to 8.56, bumping Hong Kong from the top spot.

Hong Kong, which slipped to second place, recorded a 0.25-point decline in its overall score.

Economies were scored based on five areas: size of government, legal system and property rights, sound and money, freedom to trade internationally, and regulation.

Singapore received scores of 7.26, 8.43, 9.45, 8.94, and 8.74 in the five areas, respectively.

Frasers Institute attributed the boost in Singapore’s rankings to the “improvements in its size of government and regulation components.”