Hong Kong and Singapore world's freest economies

Hong Kong has held on to its title as the world's freest economy for the 16th year running, according to an annual index published Wednesday.

The city emerged at the top of the Index of Economic Freedoms released by the Heritage Foundation, a conservative Washington-based think tank, and The Wall Street Journal financial newspaper.

Second place went to Singapore, which has also held on to the runner-up title for 16 consecutive years.

Australia was ranked third, followed by New Zealand, Ireland, Switzerland and Canada, all of which were categorized as 'free' in the index.