The Cato Institute Releases 23rd Report on Global Economic Freedom
Eddie Mak, Hong Kong Commissioner to the United States, welcomed the Cato Institute’s publication of the 2019 Economic Freedom of the World report which once again ranks Hong Kong as the freest economy in the world.
Hong Kong retains the top position with a score of 8.91 out of 10. Hong Kong has retained the top spot since the inception of the report. Among the five areas of assessment, Hong Kong ranks top in “freedom to trade internationally” and “regulation.”
“Hong Kong maintains a steadfast commitment to free-market principles which have contributed to the city’s stability and prosperity,” said Mr. Mak. “I am grateful for the international acknowledgement of our adherence to a free market system and a level playing field for all. We are resolutely committed to upholding Hong Kong’s institutional strengths which include the rule of law and judicial independence.”
Eminent judges of the apex courts of other common law jurisdictions sit on Hong Kong’s Court of Final Appeal. This demonstrates a high degree of confidence by the global legal community in the integrity and quality of Hong Kong’s judicial and legal systems. The robustness of Hong Kong’s rule of law is consistently reflected in the relevant reports of other international ranking institutions.
The report is co-published by the Cato Institute, the Fraser Institute in Canada and more than 70 think tanks around the world.
The 23rd edition of the report ranks 162 jurisdictions for 2017, the most recent year for which data are available. The index published in the report measures the degree to which the policies and institutions of jurisdictions are supportive of economic freedom. The report ranks jurisdictions based on five areas: size of government, legal structure and property rights, sound money, freedom to trade internationally, and regulation.
The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields.
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