The Heritage Foundation released today its 2014 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the sixth consecutive year. The SAR’s score of economic freedom stood at 71.3, well above the world and regional averages, making its economy the 29th freest among 178 economies. In the Asia-Pacific region, Macao is ranked 7th out of 42 economies, just behind Hong Kong, Singapore, Australia, New Zealand, Chinese Taiwan and Japan.

Based on 10 parameters, the Report assesses the degree of economic freedom of individual economies around the world. Macao receives relatively high score in parameters such as government spending, trade freedom, investment freedom, monetary freedom, and financial freedom.

The Foundation’s 2014 Report says that Macao has long benefited from global trade and investment. The entrepreneurial environment is generally efficient and streamlined, and property rights are relatively well respected. Investment in resort and entertainment projects and related infrastructure has transformed Macao’s small economy into one of the world’s leading tourism destinations.

According to the Heritage Foundation, a higher level of economic freedom is not only associated with a higher level of per capita income but also promotes economic and social progress.