Hong Kong Reclaims Top Spot in Global Economic Freedom Index

Hong Kong has regained the top position in Fraser Institute's 2024 Economic Freedom Report, with Singapore dropping to second place. Whereas India ranks on 84^th spot.

Global Rankings and Key Players

Hong Kong regains #1 position in Fraser Institute's 2024 Economic Freedom Report
Singapore drops to second place with score of 8.55 (vs Hong Kong's 8.58)
Switzerland (8.43), New Zealand (8.39), and USA (8.09) complete top 5
Notable rankings: Japan (11th), UK (12th), Taiwan (19th), India (84th), China (104th)
Venezuela, Zimbabwe, and Sudan rank lowest among 165 countries

Hong Kong's Success Factors

Tops two categories: "Freedom to trade internationally" and "Regulation"
Improved to third place in "Sound money" category

Key strengths include:

- Common law system implementation
- Independent judiciary
- Free flow of goods, capital, and information
- Simple tax system with low rates
- Transparent market operations
- International standard regulatory regime
Government attributes success to "one country, two systems" principle

Global Economic Freedom Trends

Overall global economic freedom score declined to 6.56 in 2022
Reverses previous improvement trend from 2000-2019 (6.19 to 6.80)

Higher economic freedom correlates with:

- 7.6 times higher GDP per capita in freest countries
- Increased life expectancy
- Better life satisfaction scores
- Lower poverty rates
- Reduced infant mortality
- Less corruption
- Greater access to basic services

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