Hong Kong Regains Title as World’s Freest Economy in 2024 Report

Hong Kong has been ranked the freest economy in the world among 165 economies, according to the “Economic Freedom of the World: 2024 Annual Report” released by the Fraser Institute on October 16. The city climbed one spot from last year to reclaim the top position.

In the report’s five key assessment categories, Hong Kong secured first place in both “Freedom to trade internationally” and “Regulation” while improving its global ranking to third in the “Sound money” category.

A government spokesperson pointed to the city’s strong performance in the international ranking as a reflection of its free-market advantages and its commitment to maintaining a free, open, effective, and fair business environment.

In response to the report’s caution about potential signs of declining economic and other freedoms in Hong Kong, the spokesperson reiterated the government’s dedication to safeguarding the rights and freedoms of its residents, as well as the interests of enterprises and investors, under the Constitution and Basic Law. The spokesperson also mentioned that various surveys indicate that foreign businesses generally maintain confidence in Hong Kong’s rule of law.

In the 2024 report, Singapore, which had surpassed Hong Kong for the top spot last year, ranked as the second freest economy.

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