The Heritage Foundation released today its 2012 Report on the Index of Economic Freedom, confirming Macao's high position in the world ranking of economic freedom. The SAR's score of economic freedom is 71.8, making its economy the 19th freest among 179 economies with assigned scores worldwide, which is identical to the ranking of the previous year. The study covers economies in different regions across the world while its assessment is based on 10 factors of economic freedom. Macao ranks relatively high in factors such as trade freedom, investment freedom, monetary freedom, government spending and financial freedom. The Foundation's 2012 Report says that Macao, as a free port, has long benefited from global trade and investment. The overall entrepreneurial environment is generally 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. A relatively small financial system, dominated by banking, provides easy access to financing. Since opening up the gaming industry in 2002, Macao has attracted significant amounts of foreign investment and has transformed itself into one of the world's leading tourism destinations. In the Asia-Pacific region, Macao is ranked 6th out of 41 economies, just behind Hong Kong, Singapore, Australia, New Zealand and Chinese Taiwan. The SAR, with its overall score well above the world and regional averages, 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.
