Macao’s economy is predicted to grow by nearly 14 percent this year before slowing to a growth rate of 9.6 percent in 2025, the International Monetary Fund (IMF) said in its recently published World Economic Outlook.
The report projected that inflation would increase to 1.7 percent in 2024 and 2.3 percent the following year.
Unemployment will meanwhile decline to 2 percent this year and 1.9 percent in 2025.
[See more: The IMF expects Macao’s economy to grow by almost 14 percent this year]
The IMF attributed the strong performance to “the further recovery in the gaming sector and solid private investments” that include non-gaming projects by casino operators.
The IMF’s 2024 growth forecast is lower than the 16.8 percent growth rate that the University of Macau has predicted for this year. However, it remains higher than the Macau Economic Association’s 10 percent forecast.
The UN’s financial agency has suggested that Macao could further strengthen its economy by diversifying, taking advantage of its geographic location in the Greater Bay Area, and promoting digitalisation and innovation.
