The world's largest economy just isn't what it used to be, a new economic ranking suggests, with relatively better growth and liberalization providing ballast to economies in Asia as the United States languished in the middle of the pack of large economies.
This week, the Fraser Institute—a free market think tank—released its annual Economic Freedom of the World report, which showed Hong Kong topping the list of the world's most free economies, with Singapore, New Zealand, Switzerland and Canada rounding out the top five. However, America mired in the 16th spot for the second consecutive year, the institute noted.
More than 20 years after cutting ties with the U.K., Hong Kong has maintained its economic vitality, even as concerns swirl about the health of China. Economists have noted the sluggishness of the world's second largest economy has the potential to tip its autonomous region into recession.
"Economic freedom leads to prosperity and a higher quality of life, while the lowestranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens," said the report's authors, Fred McMahon and Michael Walker, in a statement.