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Published On: Sun, Jan 13th, 2013

Hong Kong and Singapore top list of ‘freest economies’

The 2013 Index of Economic Freedom, the annual analysis of 10 economic freedom indicators or benchmarks by the Heritage Foundation and the Wall Street Journal, has been released and Hong Kong and Singapore top the list at #1 and #2, according to the 19th Edition of the  Index.

2013 Index of Economic Freedom-Hong KongImage/Computer Screen Shot

2013 Index of Economic Freedom-Hong Kong
Image/Computer Screen Shot

Following the top two countries are 3. Australia, 4. New Zealand, 5. Switzerland, 6. Canada, 7. Chile, 8. Mauritius, 9. Denmark and rounding out the top 10 is the United States.

Hong Kong, which has been on top of the annual rankings every year since it’s inception in 1995, is described as “having a highly competitive regulatory regime, coupled with an efficient and transparent legal framework, sustains vibrant engagement in global trade and investment.

“The highly motivated and skilled workforce is a cornerstone of strength for the dynamic economy. There is little tolerance for corruption. Economic interactions with China have become more intense and sophisticated, and trade and financial linkages with the mainland have grown significantly.

“Hong Kong continues to demonstrate a high degree of economic resilience and remains one of the world’s most competitive financial and business centers.”

2013 Index of Economic Freedom-United StatesImage/ Computer Screen Shot

2013 Index of Economic Freedom-United States
Image/ Computer Screen Shot

For the United States, this is the fifth consecutive year where it demonstrated a loss in economic freedom. The Index says “Dynamic entrepreneurial growth is stifled by ever-more-bloated government and a trend toward cronyism that erodes the rule of law.

“More than three years after the end of recession in June 2009, the U.S. continues to suffer from policy choices that have led to the slowest recovery in 70 years.”

The US took negative hits in the following “benchmarks”–Business Freedom, Labor Freedom, Monetary Freedom and Fiscal Freedom.

Of the 177 countries that were ranked, North Korea, Cuba and Zimbabwe sat at the bottom. Eight countries were not ranked.

The Index definition of economic freedom:

Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. In economically free societies, governments allow labor, capital and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.

 

 

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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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