Hong Kong has perpetually been ranked as one of the top regions in the world for human freedom, being analyzed yearly in the Human Freedom Index.
Hong Kong along with more than 150 other countries are ranked on a variety of economic and personal factors, and Hong Kong has always done well. Especially for economic freedom in the region, they've often scored at the top, above a variety of other places that you might assume would come before.
In the recently released 2019 report, for which areas are the best when it comes to fostering Human Freedom, Hong Kong was ranked in the top 10 along with areas like Denmark, Switzerland, Canada, Australia, and New Zealand.
However, their winning streak of often being included in the top 10 countries for human freedom in the Human Freedom Index is expected to drastically take a turn considering recent events in the region.
The data for that recently released report was compiled prior to the massive protests that took place in the region, it did not get to take into account all of the growing criticism, for corrupt police and other issues, that has continued to progress over several months.
This will take a toll on the rule of law assessment for the next report, as police credibility for the area has deteriorated in the eyes of many around the world, and not just in HK.
It isn't likely that they will rank at the top any longer when the next report compiles more up-to-date stats. Although, perhaps the other factors that are measured will be enough to still prop up the region to being considered a top contender on the Human Freedom Index rankings still.
The Index of Economic Freedom
The Index of Economic Freedom is a yearly report that ranks the economic freedom of countries all over the world and since the inception of the annual index back in 1995, Hong Kong has taken top spot. It has earned this spot thanks to having less intervention in the economy than other regions.
Their economic freedom score has traditionally been above 90 percent, ranking in the top spot ahead of other areas like New Zealand, Singapore, Australia, and more. They are regarded as having the world's freest economy and I think that is something to be proud of.
Being ranked in the top spot means that this region is considered the best area to start a company because of the liberty that is afforded to individuals acting in the market.
The economic freedom is measured to be more than other areas by a number of factors, such as fiscal health, tax burdens, property rights, and more.
It is a shame to see a place that has traditionally been regarded as an area which fosters economic freedom and human freedom, progress in the opposite direction.
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Pic 2 KLam via Bloomberg
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