SINGAPORE: Singapore has been recognized as the second most free economy in the world, according to the latest report from the Fraser Institute. The nation achieved a score of 8.55 out of 10, reflecting its robust policies and institutional frameworks that empower individuals to make their own economic decisions.
The Fraser Institute’s analysis evaluates economies across five key categories, each assessing different aspects of economic freedom. In the latest report, Singapore excelled in several areas, ranking second globally in freedom to trade internationally with a score of 9.56, indicating its strong commitment to facilitating international trade.
The country secured the third position in regulation with a score of 8.73, highlighting effective regulatory practices that foster a conducive environment for businesses.
Singapore was placed 11th in legal systems and property rights with a score of 8.40, reflecting its solid legal framework and protection of property rights. It also achieved a score of 8.71, ranking 31st in sound money, showcasing its stable monetary policies.
However, the country placed 47th in the size of government, with a score of 7.32, indicating a comparatively larger government presence.
Hong Kong topped the global rankings with a score of 8.58, slightly ahead of Singapore. In stark contrast, Venezuela ranked last at 165th position, with a score of just 3.02, underscoring the challenges faced in achieving economic freedom in the country.
