Singapore emerges as World's freest economy, taking over Hong Kong.
In a report released by the Heritage Foundation, the 2020 Index of Economic Freedom places Singapore in the top spot, having maintained the same scores as per previous year.
Singapore is ranked 1st among the 42 countries in the Asia Pacific region, its overall score of 89.4 is well above the world average.
Singapore has one of the world's highest per capita incomes and solid rates of GDP growth at 3.3 per cent five year compound annual growth. Consistently ranked as one of the world's most business-friendly countries, Singapore provides a competent, transparent and regulated environment with a low unemployment rate of 3.8 per cent.
The government has actively advocate economic liberlisation and international trade. Nearly all sectors of the economy are open to foreign ownership. Singapore also operates one of the world's largest port and holds the title of the world’s top maritime capital.
Hong Kong was in the top position from 1995 through to 2019 and its overall economic freedom score fell primarily due to a decline in its marks for investment freedom with dampened investment inflows from the intensifying uncertainties.
New Zealand, Australia and Switzerland take the third, fourth and fifth place respectively.