Hong Kong Remains First in Economic Freedom Rate

Hong Kong Remains First in Economic Freedom Rate

Hong Kong kept its position as the world’s freest economy for the 19th consecutive year, according to the 2013 Index of Economic Freedom.

Starting from 1995, the Index evaluates countries over 10 economic freedom factors, grouped into four broad areas: rule of law, regulatory efficiency, limited government and open markets.

The top four in the Index 2013 are unchanged. Hong Kong scored 89.3 on the 1-100 scale and Singapore scored 88. Australia and New Zealand ranked third and fourth, at 82.6 and 81.4 respectively. Switzerland took fifth place in the ranking and continued to be the only "free" economy in the European region.

Hong Kong’s score was lower than 2012 due to increased government spending relative to gross domestic product and an increase in inflation. Among the 10 economic freedom factors assessed, Hong Kong maintained its top position in trade and financial freedom, remained second in investment freedom and property rights, and rose from third to second in business freedom.

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