To The Moon

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. —————————————————————————————— Question For You What do you think of Singapore taking the top spot?