Hong Kong Trumps Singapore To Retain World's Freest Economy Title

Hong Kong has regained its position as the world's freest economy, reclaiming the title from its fellow Asian competitor Singapore, according to a Canadian researcher.

In the Fraser Institute's latest Economic Freedom of the World report, covering 2022, Hong Kong scored 8.58, narrowly surpassing Singapore's 8.55.

Last year, the institute had announced that Hong Kong had lost the top spot for the first time since the ranking's inception, but after revising its data, it confirmed that the city had actually ranked No. 1 throughout.

Switzerland came in third, followed by New Zealand and the United States. Venezuela placed last at 165th, with a score of 3.02.

These findings come shortly after a survey revealed that Hong Kong had regained its position as Asia's leading financial centre. Together, these results are a positive development for Hong Kong's leader, John Lee, who has been striving to reverse the perception of the city as an international hub in decline.

However, the Fraser Institute noted that Hong Kong's score has been on a downward trend for years and warned that interference from China poses a threat to the city's rule of law.

Globally, economic freedom has declined for a third consecutive year, following more than a decade of progress, according to the institute, which has been publishing the rankings since 1970.

The Hong Kong government welcomed the findings and defended its commitment to the rule of law.