Singapore Overtakes Hong Kong as World's Freest Economy After 5 Decades on Top

Singapore overtook Hong Kong as the world's freest economy in the 2023 Economic Freedom of the World Index. Hong Kong had held the top spot since 1970.
The index measures economic freedom based on trade openness, business regulations, and other metrics. Singapore scored higher than Hong Kong across many factors.
Hong Kong's ranking fell due to new regulatory barriers, rising business costs, and limits on foreign labor. Its prosperity may suffer as economic freedom declines.
In 2020, China imposed a national security law on Hong Kong that critics say curtails the city's autonomy.
Switzerland, New Zealand, the U.S., the U.K., Japan, and Germany rounded out the top rankings behind Singapore and Hong Kong.

Singapore overtook Hong Kong as the world's freest economy in the 2023 Economic Freedom of the World Index. Hong Kong had held the top spot since 1970.
The index measures economic freedom based on trade openness, business regulations, and other metrics. Singapore scored higher than Hong Kong across many factors.
Hong Kong's ranking fell due to new regulatory barriers, rising business costs, and limits on foreign labor. Its prosperity may suffer as economic freedom declines.
In 2020, China imposed a national security law on Hong Kong that critics say curtails the city's autonomy.
Switzerland, New Zealand, the U.S., the U.K., Japan, and Germany rounded out the top rankings behind Singapore and Hong Kong.