Hong Kong was ranked the freest economy in the world for 25 consecutive years. Singapore has overtaken Hong Kong as the freest economy in the world for the first time, according to US-based think tank Heritage Foundation's economic freedom index this year. Hong Kong has held the top spot for 25 consecutive years since the index was created in 1995. The city's economic freedom score is 89.1, a drop of 1.1 points from last year due primarily to a decline in the investment freedom score. Singapore’s economic freedom score is 89.4, unchanged from last year, with a small improvement in the business freedom score offset by a small decline in the government integrity score.

Source: The Standard March 17, 2020 07:33 UTC