Hong Kong remains the world’s most free place to do business, while the US has lost its claim to an unrestricted economy, an annual economic report published yesterday said.
Hong Kong, the former British colony that was returned to China in 1997, edged out rival Singapore to claim top spot for the 16th consecutive year in this year’s Index of Economic Freedom. Australia and New Zealand grabbed third and fourth spots respectively.
The report is compiled by The Heritage Foundation, a conservative Washington-based think tank, and the Wall Street Journal.
Ireland, Switzerland, Canada, the US, Denmark and Chile rounded out the top 10 list, which is based on criteria including economic openness, trade, the efficiency of domestic regulators and the rule of law.
Canada pushed the US from the top seven economies deemed to have an entirely free economy, however, because of “notable decreases in financial freedom, monetary freedom and property rights,” it said.
“US government’s interventionist responses to the financial and economic crisis that began in 2008 have significantly undermined economic freedom and long-term prospects for economic growth,” it said.
Taiwan was 27 and China 140 in the list of 183 countries, with Zimbabwe and North Korea at the bottom.
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