Singapore has dethroned Hong Kong to become the world's freest economy, according to a report released by Canadian think tank Fraser Institute.
It measures the economic freedom of individuals — or their ability to make economic decisions on their own.
New regulatory barriers to entry, increasing cost of business, and limits on employing foreign labor dented Hong Kong's ranking, the report stated.
"These repressions, combined with the government's efforts to control the private sector, inevitably led to diminished economic freedom.
Hong Kong's prosperity will likely suffer as a result," Mitchell said.
Persons:
Hong Kong, Fraser Institute's, Matthew Mitchell, Mitchell
Organizations:
Fraser Institute, Hong
Locations:
Marina Bay, Singapore . Singapore, Hong, Canadian