Hong Kong Tops Fraser Institute's Economic Freedom of the World Rankings

Wednesday, 16 October 2024, 14:44

Fraser Institute's latest report ranks Hong Kong as the freest economy globally, showcasing the city's regulatory advantages. Hong Kong has reclaimed its position from Singapore with a score of 8.58, reiterating its commitment to international trade and property rights. The report's findings highlight the importance of a transparent legal system and a favorable business environment.
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Hong Kong Tops Fraser Institute's Economic Freedom of the World Rankings

Hong Kong Regains Status as the Freest Economy

In the recently released 2024 Economic Freedom of the World report by the Fraser Institute, Hong Kong has once again secured its place at the top of the global rankings, surpassing Singapore. This prestigious Canadian think tank evaluates various criteria, including government size, legal system, and international trade openness.

  • Ranking Summary: Hong Kong achieved a score of 8.58 while Singapore followed closely with 8.55.
  • Third place went to Switzerland with 8.43, followed by New Zealand and the United States.

Key Components of the Report

The report scrutinizes regulation, property rights, and the freedom to engage in business activities. Hong Kong notably excelled in:

  1. Freedom to Trade Internationally
  2. Regulation
  3. Sound Money - ranking third globally

Despite falling to No 2 last year for the first time, officials have reinforced their dedication to maintaining Hong Kong's status as an international financial centre.

Future Outlook

City leader John Lee Ka-chiu has emphasized policies aimed at strengthening Hong Kong's position in global finance, asserting that the city will serve as a two-way springboard for international and mainland enterprises.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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