Hong Kong has been overtaken by Singapore as the world’s freest economy, according to the latest report from Montreal-based Fraser Institute. The report, titled “Economic Freedom of the World,” has ranked Hong Kong at the top for more than 20 years. However, the 2023 edition of the report reveals a decline in Hong Kong’s overall score by 0.07 points. The decline is primarily attributed to a decrease in judicial independence, impartial courts, and legal integrity, along with an increase in military interference. The data used for this report was collected in 2021.