Macao SAR becomes the 5th Freest Economy in the Asia-Pacific Region While Its Global Ranking Rises to 19th

The Heritage Foundation released today its 2011 Report on the Index of Economic Freedom. Macao’s overall score has improved slightly by 0.6 to 73.1, making the SAR the 19th freest among 179 economies with assigned scores worldwide, up one place from a year earlier. Macao is ranked 5th in the Asia-Pacific region while its overall score is well above the world and regional averages. The study covers economies in different regions across the world, which are assessed with 10 factors of economic freedom. Macao ranks relatively high in factors such as trade freedom, government spending, investment freedom, monetary freedom, fiscal freedom and financial freedom. The Foundation’s 2011 Report says that Macao, as a free port, has long benefited from global trade and investment. The overall entrepreneurial environment is efficient and streamlined, and property rights are well respected. Foreign investors can conduct business on the same terms as nationals. Taxation is low and efficient. Since the open-up of the gaming industry in 2002, Macao has attracted more foreign investors and has transformed itself into one of the world’s leading tourism destinations. In the Asia-Pacific region, Macao just ranks behind Hong Kong, Singapore, Australia and New Zealand. In the global ranking of economic freedom, Macao ranks 19th and is classified as “mostly free”. According to the Heritage Foundation, economic freedom is positively related to per capita income as well as overall well-being.