Hong Kong has been overtaken by Singapore because the world’s freest economic system, based on the most recent report from Montreal-based Fraser Institute. The report, titled “Financial Freedom of the World,” has ranked Hong Kong on the high for greater than 20 years. Nevertheless, the 2023 version of the report reveals a decline in Hong Kong’s total rating by 0.07 factors. The decline is primarily attributed to a lower in judicial independence, neutral courts, and authorized integrity, together with a rise in army interference. The information used for this report was collected in 2021.
Hong Kong loses its title because the world’s freest economic system to Singapore
