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Singapore Overtakes Hong Kong as World’s Freest Economy
Published on 27 Sep 2023
- 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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