The gross domestic product (GDP) per capita in Macao is anticipated to grow by around 7 percent, from US$69,000 in 2023 to US$75,000 this year, according to the director of the Policy Research and Regional Development Bureau, Cheong Chok Man.
During a press conference that was reported by multiple media outlets, Cheong spoke of Macao’s rapid economic growth between 1999 and 2019, which witnessed an annual real GDP growth rate of 7 percent or an annual nominal GDP increase of 11 percent.
The official noted that the city’s fiscal reserves totalled more than 260 million patacas at the end of Portuguese administration, and had ballooned to over 600 billion patacas in the last 25 years. The figure is expected to hit some 630 billion by the end of this year.
Regarding Macao’s future economic development, Cheong said the government was confident the city would be able to reduce its dependence on the gambling industry in the coming years.
[See more: Macao’s GDP sees an 11.5 percent rise in the first three quarters]
“By 2028, the gaming industry will account for around 40 percent of Macao’s GDP, while non-gaming industries will represent roughly 60 percent of Macao’s GDP,” the official stated.
“We believe that with the hard work that has been done in the past few years, we most definitely have the conditions with which to achieve this goal.”
However, he acknowledged that transport continued to be a major obstacle in Macao’s development as a tourism destination. He noted that the government had responded to the issue through projects such as the East Light Rapid Transit (LRT) Line, and is looking to study the possibility of a West LRT route.
On the topic of attracting talent to Macao and possible competition with neighbouring Hong Kong, which has implemented its own talent scheme, the director said he did not believe there was a rivalry, as the two cities are positioned differently insofar as attracting talent is concerned.