Hong Kong, followed closely by Singapore, retains the highest rating in the latest edition of the Economic Freedom of the World annual report released in Washington by the Cato Institute and more than 50 other libertarian think tanks around the world.

The United States tied for third place with New Zealand, Switzerland and the United Kingdom.

The document, which ranks123 nations, concludes that citizens and businesses in Africa, Latin America and the former Soviet bloc states comprise among the least economically free countries in the world, with Democratic Republic of Congo, Zimbabwe and Myanmar claiming the cellar.

The report is based on 38 variables in five major categories designed to measure economic freedom.