Industry News
Hong Kong tops 2018 Index of Economic Freedom

Hong Kong has maintained its place atop of the 2018 Index of Economic Freedom with Singapore and New Zealand once again coming in at number 2 and 3 respectively. Interestingly, the top 5 remains unchanged from last year with Switzerland and Australia completing the list.

 

Economic Freedom refers to the ability of each individual to control his/her own labour and property. In an economically free society, people are capable of making their own decision with regards to where they work, what they produce and consume and how they choose to invest their money. Moreover, in such societies, Governments allow people, money and goods to move freely while refraining from any coercive action.

 

This ranking focuses on 4 primary categories. Each category has several different aspects which together make up each countries total score. These are as follows:

  • Rule of Law: Property Rights, Judicial Effectiveness, Judicial Integrity
  • Government Size: Tax Burden, Government Spending, Fiscal Health
  • Regulatory Efficiency: Business Freedom, Labour Freedom, Monetary Freedom
  • Market Openness: Trade Freedom, Investment Freedom, Financial Freedom

 

The top 10 and bottom 10 countries from this year’s ranking can be seen below:

 

To view the complete ranking click here: https://www.heritage.org/index/ranking

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