Singapore Overtakes Hong Kong as World’s Freest Economy

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.
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