Explanation:

Recently, the Economic Freedom of the World: 2020 Annual Report prepared by Canada’s Fraser Institute has been released in India in conjunction with New Delhi-based think tank Centre For Civil Society. 

• The index of global economic freedom ranks countries based on five areas—size of government, legal structure and property rights, access to sound money, freedom to trade internationally, regulation of credit, labour and business.
• Hong Kong is ranked number one and the rankings of some major countries are Japan (20th), Germany (21st), Italy (51st), France (58th), Mexico (68th), Russia (89th), India (105th), Brazil (105th), and China (124th).

Hence option 2nd is correct.