🎁Singapore is Now the World’s Freest Economy, Displacing Hong Kong After 53 years

Tiger_SG
2023-10-04

Singapore is now the world’s freest economy, displacing Hong Kong after 53 years.

Singapore is ranked 1st out of 39 countries in the Asia–Pacific region, and its overall score remains significantly higher than the world and regional averages.

According to the annual Economic Freedom 2023 Annual Report showed that Singapore's economic freedom score is 83.9, Hong Kong was replaced by Singapore by 0.01 points.

However, this is the first time since 1996, when the report was released, that Hong Kong fell from the top spot.

It is said that Hong Kong and Singapore are both the "miracle of East Asia" and the "Four Asian Tigers", and their rise trajectories are highly similar.

They have too many similarities: a shopping paradise, a Chinese world, a diverse and inclusive culture, a small area, and few resources, but it is the world's most important financial, trade, and shipping center.

So where exactly is Hong Kong lagging behind?

Note: The degree of economic freedom is measured in five broad areas: Size of Government, Legal Systerm and Property Rights, Sound Money, Freedom to Trade Internationally and Regulation.

Among the five evaluation dimensions, Hong Kong continues to rank first in "freedom of international trade" and third in "regulation."

"Legal system and property rights" is one of the reasons why Hong Kong failed to make the list. According to data: Hong Kong dropped 0.19 points from 7.77 points last year to 7.58 points this year, falling one place from last year to 21st, while Singapore scored 8.43 points, ranking 11th.

In addition, Singapore attracts investment to a new high: family offices have quadrupled.

On February 9, 2023, the Singapore Economic Development Board announced that Singapore attracted record high fixed asset investment of S$22.5 billion in 2022, an increase of 90.7% from S$11.8 billion in 2021.

The number of family offices in Singapore grew five-fold between 2017 and 2019. And there have more than 1,400 "family offices" in Singapore at the end of 2022, doubling the number in 2021.

As Singapore ascended the throne, it shows that Singapore has made full use of its own advantages to achieve today's results. And the relationship between Hong Kong and Singapore is not helpless, they learn from each other, complement each other's strengths and resources, and move forward through competition and cooperation.

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Question For You

What do you think of Singapore taking the top spot?

Singapore Tops 2022 World Most Expensive City
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Comments

  • koolgal
    2023-10-04
    koolgal

    🌟🌟🌟How wonderful it is to know that Singapore has taken  the Top Spot as The World's Freest Economy.   It is an achievement to be really proud of. 

    From its humble beginnings since its Independence in 1965, Singapore has catapulted into the world stage as a shining example of a Clean, Green Dynamic Nation, with a stable government, sound financial system, strong infrastructure and a safe place to live in.

    How Lucky I am to call Singapore Home.  It is truly a great place to live in where people of all races live together in peace and harmony.


    @Tiger_SG  

    • koolgalReplyShyon
      We are fortunate to live in Singapore where there is peace and stability. 😍😍😍
    • koolgalReplyShyon
      Thanks my friend 😍😍😍
    • Shyon
      Great sharing hehe
    • Shyon
      Nice saying
    • koolgalReplyHappy Bear
      Singapore and Malaysia are good neighbours since our histories are entwined.
  • icycrystal
    2023-10-05
    icycrystal
    Singapore has come a long way and being in the top spot is something to be proud of; a great sense of achievement. it shows Singapore is moving in the right direction. wishing Singapore to always be resilient and always be moving forward, being competitive and a force to ben with... [smile] [smile] [smile] come comment and win coins @Shyon @GoodLife99 @Universe宇宙 @LMSunshine @Zarkness @aunteenat @xXxZealandxXx @DiAngel @HelenJanet
  • rL
    2023-10-04
    rL
  • Aqa
    2023-10-04
    Aqa
    🇸🇬 🇸🇬 🇸🇬 Congratulations to Singapore now being the World’s Freest Economy. The annual Economic Freedom Report 2023 shows that Singapore’s economic freedom score is 83.9. In addition, Singapore attracted record high fixed asset investment of S$22.5 billion in 2022, an increase of 90.7% from S$11.8 bollion in 2021. Keep it up, Singapore!
  • Shyon
    2023-10-05
    Shyon
    Congratulations to Singapore for the reward of world's freest economy and replaced the all time leader, Hong Kong for the first time. Really a good advancement and achievement by the country and its leaders. All these factors will definitely increase the investment from more parties and make the country even better. There's always a saying, the better goes better. I believe Singapore will continue in such pace in incoming years. Good job and all the best SG. @koolgal @rL @icycrystal @b1uesky @Universe宇宙 @Aqa @GoodLife99
  • Universe宇宙
    2023-10-05
    Universe宇宙
    @TigerGPT Freest Economy why don't have Free Food, Free Healthcare, Free Energy, Everything Free, Why? Grab from internet. Do homework, don't copy hor, hahaha [Chuckle]
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