The Asia-Pacific region is home to the "world's freest economies", according to an index published on Thursday as Western economies grapple with too much government involvement.
Of the world's 10 freest economies, Hong Kong, Singapore, Australia and New Zealand, took the first four places, respectively, on the 2013 Index of Economic Freedom, published by think tank the Heritage Foundation, and the Wall Street Journal. These countries retained their top four positions from 2012.
Denmark placed 9th was the only EU member state which ranked among the top 10. The US, world's largest economy, came in at number 10.
The ranking, which covers 185 countries, is based on 10 factors ranging from freedom in trade and labor markets to the extent of government spending.
North Korea is the most "repressed" economy, according to the index, with Cuba running second. A handful of countries are listed as "Not Ranked," including Afghanistan and Iraq.
EU-Digest
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