Hong Kong Named World's Freest Economy

WASHINGTON, USA (April 26) - Hong Kong has the world' freest economy, followed by Singapore and New Zealand, the Cato Institute reported in an annual study of global economic freedom that dropped the United States from fourth to fifth place. The UK took fourth spot on the table of 123 of the world's economies, according to findings from the Libertarian research firm. The authors of the report identified the core elements of economic freedom as personal choice, private property protection and freedom of exchange. The study used a total of 23 objective criteria to produce an index of economic freedom, according to the institutes' findings. Completing the top 10 list were Australia in sixth place, followed by Ireland, Switzerland, Luxembourg and the Netherlands. Canada was 13th, Germany, 15th, Japan, 20th and France, 34th. At the bottom of the table were China, 81st, Russia, 117th, Sierra Leone, 119th, Algeria, 122nd and Myanmar, 123rd. (SH)