According to a recently published report by Heritage Foundation, Singapore is the second most liberal economy in the world behind Hong Kong.
The 2018 Index of Economic Freedom by Heritage Foundation notes that improved government integrity, labor freedom and property rights have contributed to the healthy 88.8 points. This marks the 24th consecutive years for the economy in the second place with Hong Kong coming up at 90.2 from last year.
The report notes, “Singapore’s highly developed free-market economy owes its success in large measure to its remarkably open and corruption-free business environment, prudent monetary and fiscal policies, and a transparent legal framework.”
“The government is prudent in its implementation of an active industrial policy to promote economic development and diversification and is addressing business concerns through significant public investments and targeted fiscal incentives.”
“Well-secured property rights promote entrepreneurship and productivity growth effectively. A societal intolerance of corruption strongly undergirds the rule of law.”
Apart from Hong Kong and Singapore, New Zealand, Switzerland and Australia rounded up the top five of the list.