Hong Kong’s half-century reign as the world’s freest economy has ended, according to the most recent rankings compiled by a Canadian think tank that cited eroding judicial independence as one factor.
The Asian financial hub fell to second place, topped by Singapore, in the Economic Freedom of the World Index for the first time since its began in 1970. The Fraser Institute report released Tuesday is based on data from 2021, and the organization said the city’s ranking is expected to fall even further in the following years.
"Hong Kong’s recent turn is an example of how economic freedom is intimately connected with civil and political freedom,” said Matthew Mitchell, senior fellow at the Fraser Institute, in a press release.