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The 2024 EFW Report ranks Hong Kong as the world's freest economy, overtaking Singapore, with India at 84th.

International | Dated: 29 Oct 2024

According to the latest "Economic Freedom of the World (EFW) 2024 Annual Report" by the Fraser Institute (a public policy research organization based in Vancouver, Canada), Hong Kong has regained its position as the world’s freest economy, with a rating of 8.58. It has overtaken Singapore, which is now ranked 2nd with a score of 8.55.

🎯 Key Highlights:

- India has improved its ranking by 3 places, moving from 87th (in EFW 2023) to 84th (in EFW 2024) with a rating of 6.58.

💡 Other Important Facts:

(i) Switzerland ranks 3rd with a score of 8.43, followed by New Zealand in 4th place with a rating of 8.39, and the United States in 5th place with a score of 8.09.
(ii) Venezuela is ranked the lowest in the 2024 EFW report with a rating of 3.02, followed by Zimbabwe (3.53), Sudan (4.11), Syrian Arab Republic (4.28), and Algeria (4.46). They are ranked 164th, 163rd, 162nd, 161st, and 160th respectively.

📚 Test Your Knowledge:

According to the 2024 EFW Report, which economy is ranked as the world's freest?

Correct Answer: Hong Kong

🚀 Quick Recap:

About the Fraser Institute

President: Niels Veldhuis
Headquarters: Vancouver, Canada