Singapore is ranked the world’s second freest economy for the 15th consecutive year, according to The Wall Street Journal and The Heritage Foundation, attributed to its efficient and well-maintained business environment as well as vibrant entrepreneurial activity.
The ranking the US dropped one spot to 6th because of increases in government expenditure as a result of attempts to manage the global recession.
Singapore and HK, as the world’s freest economy, are also members of the Financial Stability Forum, a select club of senior financial and monetary officials that meet to control the impact of cross-border financial shocks.
Japan’s PM Aso has agreed to back South Korea’s membership in the Financial Stability Forum in the warming ties between the two as Japan and South Korean agreed to collaborate more on the crisis.
Singapore and HK choosing to remain free while South Korea and Japan choosing to cooperate are all positive signs for East Asia during this economic downturn.
It is likely that freer economies might be able to benefit from the continued growth of the Asian economies as the World Bank calculates that 70% of the world’s growth is coming from Asia.
Koh, Tommy, “2009: Reasons for optimism” dated 7 Jan 2009 (Singapore: Straits Times), 2009, p. A23.
Lee, Tee Jong, “S. Korea, Japan pledge closer ties” dated 13 Jan 2009 in the Straits Times (Singapore: Straits Times), 2009, p. A12.
Tay, Michelle, “S’pore still world’s 2nd freest economy” dated 14 Jan 2009 in the Straits Times (Singapore: Straits Times), 2009, p. B21.