WASHINGTON Hong Kong kept its place as the world's most free economy, and Singapore stayed a close second, in a list compiled by think tanks in 51 countries and released Thursday, DPA reported.

Third place went to New Zealand, which has risen substantially in the rankings, having been number 11 in 1990, according to the economic freedom of the world report, which was compiled using 1999 data.

Ranked fourth in the survey of 123 countries was the United Kingdom, which kept its 1990 place, and fifth was the United States, which fell from fourth in 1995 and third in 1990.

Rounding out the top 10 was Australia, Ireland and Switzerland in a tie for sixth place and Luxembourg and the Netherlands, tied in ninth.