Hong Kong has been ranked as the world's freest economy. It's the 14th consecutive year it has garnered that title from the Heritage Foundation, which released its 2008 Index of Economic Freedom study on Tuesday. According to the report, Hong Kong scores exceptionally well in almost all areas of economic freedom. Among the 10 individual areas assessed, Hong Kong ranks first in trade freedom, investment freedom, financial freedom and property rights. Hong Kong also ranks in the top 10 in fiscal freedom, government size, monetary freedom and labor freedom.The report notes that Hong Kong's income and corporate tax rates are very competitive, and that overall taxation is relatively small as a percentage of gross domestic product.