Singapore has dethroned Hong Kong to become the world’s freest economy, according to a report released by Canadian think tank Fraser Institute.

For the first time since the Economic Freedom of the World Index started in 1970, Hong Kong slipped to second place from the number one spot — and its score is about to drop even further.

Some of the tenets used to gauge economic freedom index are measured based on ease of international trade, freedom to enter and compete in markets, as well as business regulations, amongst other yardsticks.

Source: CNBC