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Written by Ralph Girgla
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Saturday, 20 February 2010 15:49 |
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Hong Kong Leads World in Economic Freedom
Hong Kong continues to be the world's freest economy, according to the 2009 "Index of Economic Freedom," published annually by The Wall Street Journal and The Heritage Foundation.
It's the 15th straight year that Hong Kong has earned the number-one ranking. No other economy has yet managed to surpass it.
The Index reflects data compiled in 10 key categories and tells a crucial story. Economic freedom is vital because it's "strongly related to good economic performance," write Index authors Ambassador Terry Miller and Dr. Kim Holmes. "Per capita incomes are much higher in jurisdictions that are economically free." Economies rated freer also perform much better in advancing human development, reducing poverty, and protecting the environment. The authors found strong correlations between economic freedom scores and these economic and social variables.
Hong Kong improved its score slightly this year, lowering its top tax rates and improving the efficiency of business licensing to finish at an even 90 out of a possible 100.
Also the Vancouver-based Fraser Institute said Hong Kong has now taken top spot in its annual Economic Freedom of the World report for three decades. The honour is "a tribute to the importance of letting people get on with their lives," said Mark Mullins, executive director of the Fraser Institute, during a luncheon at the Conrad Hotel in Hong Kong. More than a decade after Britain handed Hong Kong back to China, it is "a terrific example for the world," Mullins added.
Hong Kong was awarded the top spot in the Fraser Institute's annual report after beating out Asian rival Singapore.
- You can have a company in Hong Kong for a low price.
- And you will find state of the Art Banking.
In the freest economy of the world.
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Last Updated on Sunday, 25 April 2010 13:18 |
