In the 2006 Index of Economic Freedom, Hong Kong and Singapore are heading the list of economicly most free cities. With seven of the world’s 11 freest countries and 15 of the world’s “free” economies,
North America and Europe continues to be the world’s most economically free region in the 2006 Index.

Each year for 12 years, The Wall Street Journal and The Heritage Foundation, Washington?s preeminent think tank, have tracked the march of economic freedom around the world with the internationally acclaimed Index. Using the most current data available on taxes, tariffs, banking regulations, monetary policies, the rule of law, and other insightful information on 161 countries, the Index has become a must-have resource for investors, policymakers, academics, and others who want to learn about the link between economic freedom and prosperity.

“Economic freedom is about people,” as the Index?s introduction says. “After all, wealth comes from the actions of people, not the actions of government, and the freer people are to direct their efforts to where they are most productive, the greater the wealth created.”

Once again, Hong Kong is the poster economy for economic freedom around the world. With a duty-free port, simple procedures for starting businesses, minimal capital controls, and a transparent, fair rule of law, Hong Kong has earned its place as a trading and financial hub. Likewise, as the world’s second freest country, Singapore is a standard bearer in free trade policy, strong property rights, monetary policy, and foreign investment. The two economies have long been rivals for the world’s freest economy, and the competition continued in the 2006 Index, with Singapore’s fiscal burden of government score improving slightly while Hong Kong improved its fiscal burden of government and government intervention scores.

However, the Asia Pacific region is one of contrasts. Although nearly half of its countries are ranked “mostly unfree,” the region contains four of the world’s 11 freest economies, including the two freest (Hong Kong and Singapore). Additionally, Pakistan, the Kyrgyz Republic, Turkmenistan, and Kazakhstan are among the world’s 10 most improved countries, albeit from relatively low levels of economic freedom. However, the region also has four of the world’s most repressed economies in Turkmenistan, Laos, Burma, and North Korea.

North America and Europe continues to be the world’s most economically free region in the 2006 Index, with seven of the world’s 11 freest countries and 15 of the world’s “free” economies. Of the countries in this region, 33 exhibited an increase in economic freedom while only 10 experienced a decline in economic freedom.

North Africa and the Middle East have experienced a net decline in economic freedom since last year. The scores of seven countries in this region have improved, while those of 10 are worse.

Economic freedom in Latin America and the Caribbean improved marginally, with 15 countries improving and 10 countries becoming less free.

For full executive summary of the Heritage Foundation Report click here

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Source: Hertage Foundation

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