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This article was first published on PropertyGuru
Singapore is still the world’s second freest economy in the 2016 Index of Economic Freedom, although the city-state saw a 1.6-point drop in its Index score from the previous year.
“Economic growth has slowed in Singapore, but the city’s openness to global trade and investment continues to provide a solid basis for economic dynamism,” wrote the editors of the report, which tracked the performance of 178 countries.
Rival Hong Kong remains in top spot due to its open markets, strong property rights and highly competitive fiscal policies.
New Zealand, Switzerland and Australia round out the top five rankings on the Index, which is published annually by The Heritage Foundation and The Wall Street Journal.