Hong Kong Named Freest Economy For Ninth Year Running

by Mike Godfrey, Tax-News.com, Washington

13 November 2002

An annual survey compiled by the Wall Street Journal and Washington-based think-tank, the Heritage Foundation has ranked Hong Kong as the freest economy in the world - but only just.

According to the WSJ, the gap between the SAR and the number 2 contender, Singapore, is narrowing as the result of the former's burgeoning budget deficit, which has raised fears of greater government intervention in the economy.

The survey ranks countries on 10 criteria, including trade policy, government intervention in the economy, and the size of the black economy. Reporting on the results of the poll, released on Tuesday, the Associated Press revealed that the territory had received praise for its lack of trade barriers, low taxes, and strong property rights.

Following Hong Kong and Singapore in terms of the freedom of their economies according to the WSJ/Heritage Foundation survey were Luxembourg and New Zealand in joint third place, Ireland in fifth place, and the United States tied for sixth place with Denmark and Estonia.

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