MACAO, Feb. 15 (Xinhua) -- The Heritage Foundation released its 2024 report on the Index of Economic Freedom, rating Macao as the eighth freest economy in Asia-Pacific region, the special administrative region's monetary watchdog said on Wednesday.

Monetary Authority of Macao (MAM) said the foundation rated Macao's economy as "mostly free" for the ninth consecutive year. The overall score of economic freedom for Macao is 70.7, well above the world and regional averages, making its economy the 32nd freest among 180 economies.

In the Asia-Pacific region, Macao is ranked eighth out of 43 economies, up one place from one year ago.

According to MAM, the report assesses the degree of economic freedom of individual economies around the world based on 12 attributes. Macao receives relatively high score in attributes such as fiscal health, government spending, trade freedom, investment freedom, tax burden, monetary freedom and financial freedom.

The foundation's 2024 report said that as a free port, Macao has long benefited from global trade and investment. The entrepreneurial environment is generally efficient and streamlined, and property rights are generally well respected. Taxation is low and relatively efficient. Since opening up the gaming industry in 2002, Macao has attracted more foreign investment.