MercoPress. South Atlantic News Agency

Chile ranks as “most liberal economy” in the region

Hong Kong is considered the most liberal (open) economy of the world and Chile leads in Latinamerica with position eleven in a global rating of 155 countries, according to the latest report from the Conservative and influential US Heritage Foundation.

For the eleventh year running the former British Overseas Territory tops the Economic Freedom Index 2005 which is annually published by the US Heritage Foundation and the Wall Street Journal.

Singapore figures second and the US for the first time since the Index was begun fell from position ten to twelve.

Hong Kong is praised for its low taxes, open markets and the limited government intervention in business affairs.

Chile is the only Latinamerican economy considered "liberal" and figures behind Australia and ahead of Switzerland; qualified as "mostly liberal" and half way in the ranking were Mexico, Uruguay (43), Costa Rica (54), El Salvador (24) and Peru (56).

The title of "Mostly non liberal economies" in Latinamerica went to Brazil, Colombia, Paraguay, Argentina and Ecuador.

Venezuela and Cuba are described as "repressive economies" together with some of the worst cases such as Iran and Zimbabwe.

China which is among the largest world economies and third in global trade terms climbed from position 128 to 112.

Myanmar (Burma) and North Korea are catalogued by Heritage as the less liberal economies in the world.