Singapore ranked ‘world’s freest economy’ by think-tank as Hong Kong loses spot for 1st time since 1970

Hong Kong’s half-century reign as the world’s freest economy has ended, according to the most recent rankings.

The Fraser Institute report released on Tuesday is based on data from 2021, and the organisation said the city’s ranking is expected to fall even further in the following years.

Singapore beat Hong Kong to top the list, while Switzerland, New Zealand, and the United States rounded out the rest of the top five spots. 

The Hong Kong government called the report’s claims on the city’s judiciary “totally groundless and unsupported by objective evidence”, the South China Morning Post reported on Wednesday.