The Heritage Foundation released today its 2015 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the seventh consecutive year. The SAR’s overall score of economic freedom is 70.3, well above the world and regional averages, making its economy the 34th freest among 178 economies. In the Asia-Pacific region, Macao is ranked 9th out of 42 economies, just behind Hong Kong, Singapore, Australia, New Zealand, Chinese Taiwan, Japan, South Korea and Malaysia.

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

The Foundation’s 2015 Report says that Macao’s long-standing history as a free port city and its openness to international trade and investment provide strong foundations for economic freedom. The judiciary largely respects property rights, and the government has stepped up anti–money laundering enforcement efforts. Taxes are low, and government spending is prudent.

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.