Mauritius, which ranked eighth, was the first sub-Saharan African country to enter the top 10, Mr Feulner said.

BBC: Hong Kong retains top spot of world's freest economy

Hong Kong retained its top ranking for the 18th consecutive year, but Mr Feulner said that Singapore "was narrowing the gap".

BBC: Hong Kong retains top spot of world's freest economy

"Most of that decline is due to a large increase in government spending worldwide, " said Edwin Feulner, president of the Heritage Foundation.

BBC: Hong Kong retains top spot of world's freest economy

Shakespeare reminded the audience that when Ed Feulner became president, he was only 36, Ed Crane was 33 when he co-founded and became president of Cato.

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