Singapore Overtakes Hong Kong as World’s Freest Economy

Daily Current Affairs / Singapore Overtakes Hong Kong as World’s Freest Economy

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Category : International Published on: September 27 2023

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Singapore has dethroned Hong Kong to become the world’s freest economy in 2023, according to a report released by Canadian think tank Fraser Institute.
Singapore is now the world’s freest economy, displacing Hong Kong after 53 years.
For the first time since the Economic Freedom of the World Index started in 1970, Hong Kong slipped to second place from the number one spot — and its score is about to drop even further.
Switzerland, New Zealand, and the U.S. occupy the third, fourth and fifth positions respectively.
Other notable mentions include the United Kingdom coming in ninth, while Japan and Germany claimed 20th and 23rd place respectively.