Hong Kong regains title as world’s freest economy from Singapore: Report

The findings come weeks after a survey found that Hong Kong regained its spot as Asia’s top financial center. Bloomberg

Hong Kong resumed its half-century run as the world’s freest economy, wresting the title from rival Singapore, according to a Canadian researcher.

Hong Kong’s score of 8.58 edged out Singapore’s 8.55, according to the Fraser Institute’s latest Economic Freedom of the World report, covering 2022. Last year, the researcher announced that Hong Kong had ceded the top spot for the first time since the ranking’s inception but after revising its data, the city ranked No. 1 all throughout, it said.

Coming in at No. 3 was Switzerland, followed by New Zealand and the US. At 165th place, Venezuela ranked last with a score of 3.02.

The findings come weeks after a survey found that Hong Kong regained its spot as Asia’s top financial center.

Combined, they are a boon for John Lee, Hong Kong’s leader, who’s been seeking to reverse the image of an international hub in decline. But the Fraser Institute said that Hong Kong’s score has been falling for years, and warned that interference from China threatens Hong Kong’s rule of law.

Globally, economic freedom declined for a third straight year after more than a decade of gains, according to the researcher, which has been releasing the rankings since 1970.

The Hong Kong government welcomed the results and defended its rule of law.