Singapore was ranked the world’s second freest economy this year, just behind Hong Kong and above Australia, scoring 87.2 in the 2011 Index of Economic Freedom.
According to the Index prepared by the Wall Street Journal and the Heritage Foundation, Singapore’s score this year rose 1.1 from 2010’s index and only three points away from Hong Kong’s top position.
This reflects Singapore’s positive gains in monetary, financial and fiscal freedom, said Heritage Foundation.
The overall freedom to do business in the country is well protected under its regulatory environment. Starting a business in Singapore takes only three days, compared to the global average of 34 days, while acquiring a business license takes less than the global average of 209 days and 18 procedures.
The 2011 Index of Economic freedom ranked 179 nations from around the world.