Macao’s GDP is forecast to increase by 13.9 percent in 2024 as a result of the gaming sector’s continuing bounceback and investment in non-gaming ventures, boosting the territory’s private investments overall.
The assessment was made in a report from the International Monetary Fund (IMF), whose researchers visited Macao between 21 February and 6 March.
IMF officials say that the SAR’s economy is expected to continue its robust post-pandemic growth this year, with GDP recovering to pre-pandemic levels by 2025.
The organisation also pointed out that Macao’s banking system was “resilient” against external pressures due to its considerable capital and liquidity buffers.
[See more: Macao’s economy could grow by 10 percent this year, local association says]
IMF assessors praised the Financial System Act, noting that it was “flexible” and encouraged “financial innovation,” but they pointed out that not all aspects of the legislation were in line with best international standards.
The increased pace of digitalisation in Macao’s economy during the last ten years was also recognised, although the IMF added that the city “still lags [behind] regional peers.”
Macao’s government was advised to implement policies to help sustain post-pandemic recovery and economic diversification.
Other suggestions included implementing “economy-wide structural reforms” that would enable the city to take advantage of the opportunities that were being made available through integration into the Greater Bay Area.
