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Thread: Hong Kong ranked freest economy 15th year

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    nebula82's Avatar
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    Hong Kong ranked freest economy 15th year

    http://www.channelnewsasia.com/stori...402032/1/.html

    Selected excerpts below.

    "Hong Kong was Tuesday named the world's freest economy for the 15th year in a row by American think-tank the Heritage Foundation, with North Korea and Zimbabwe at the bottom of the rankings."

    "Hong Kong's Asian rival Singapore was again ranked second, followed by Australia, Ireland and New Zealand, according to the pro-free market group."

    "The United States dropped one place to sixth, because of increases in both tax revenue and government spending as a percentage of GDP, one of the report's authors, Terry Miller, said in an article in the Wall Street Journal."

    "Miller, director of the foundation's Centre for International Trade and Economics, said capitalism has taken a beating in recent months, as financial institutions begged for government intervention to help them through a global crisis."

    "But capitalism remained the best system to battle the downturn, he said."

    I expect Hong Kong to be one of the first beneficiaries when the downturn subsides and the global economy begins to recover (hopefully by 1st or 2nd quarter of next year).

    But make no mistake though, we’ve been hit hard by this downturn..

    Thanks,
    Nebula82.
    Last edited by nebula82; 13 Jan 09, at 11:30.

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