Singapore ranked 2nd in World's Economic Free Countries Index

The Index of Economic Freedom for 2014

According to the economic freedom index, Singapore is the second "free"st economy in the world behind Hong Kong. The index marked the country with a score of 89.4 which is 1.4 points ahead of last year.

This figure represents the labour and investment freedom in the country that overshadows any small monetary and business freedom decline. Singapore has been ranked as being second among 42 countries in the Asia Pacific region.

In the index’s 20 year history, Singapore has successfully surged up by 3 points owing to limited government and market openness that has advanced in the past years in double digits. 

Singapore’s competitiveness has been powered by high trade freedom levels and the regulatory efficiency that contribute largely to the ensuring of a resilient growth of the country’s economy. With a record of continuous high achievements from the past consecutive four years from 2010, it is now in 2014 that Singapore has achieved its highest ever index score.

Singapore also holds a strong minimum tolerance tradition from corruption which is institutionalized within a judicial frame work that is efficient and sustains the rule of law for this ever dynamic economy.

Economic Freedom Promotes Prosperity

As you can see from the ranking of the world by economic freedom-ness, many of the small countries are high up in the top 10. 

Perhaps thats why many countries would like the small countries like - Singapore, Switzerland, Hong Kong to shed some light on how to manage their countries!

All said, Singapore achieved S$60,410 per capita income, S$56.7 billion FDI flow, 4.6% inflation and 2% unemployment for the year 2013, a feat we Singaporeans can be proud of!