Covid-19 travel restrictions hit gaming industry with knock-on effect on city’s overall economy.
IMF predicts marginal economic improvements for other Portuguese-speaking countries, forecasts 8.2% inflation for Brazil.
Latest figures show visitor numbers dropped 19.6% last month, 30.3% in annual terms, as city feels the pinch from Covid-19 and economic downturn.
Analysts point to growth in non-oil sector showing clear signs of recovery, likely to contribute to country’s economic growth over medium to long-term.
Economy expected to accelerate to 23% in 2023, growth not expected to surpass pre-pandemic levels until 2025.
International ratings agency paints cautiously rosy future for city and its main industry, notes Macao’s finances are among strongest across Fitch-rated sovereigns.
Though economic situation “remained volatile” in 2021, Macao still has one of the highest GDP per capita in the world.
Latest results point to an increasingly rosy future for Macao’s dynamic new neighbour.
Province’s foreign trade surpassed RMB 8 trillion yuan in 2021, placing it on par with some of the world’s major economies.
Report concludes Macao needs to build a stronger economy with new growth engines through economic diversification.
Overseas investors may buy shares in start-ups and take part in private placements by listed companies, private equity and venture capital products.
Economy projected to expand in the coming year, driven by more manageable Covid-19 infections and a gradual rebound in private consumption.
Imperative for authorities to continue to adopt measures to lower public debt levels, analysts say.
GDP now stands at MOP 55.4 billion as exports show significant increase and visitor arrivals pick up after a dismal 2020.
Health and education sectors seen as key for the country’s long-development and fight against poverty.
Named one of China’s ‘Happiest Cities’, Macao’s neighbour is expected to be home to five million people with a GDP of RMB 2 trillion by 2035.
However, figures show a marked improvement from the final months of 2020, while exports of services are growing again.
For the whole year of 2020, Macao’s GDP declined by 56.3 per cent in real terms while domestic demand shrank by 10.3 per cent year-on-year.
In the government’s latest estimate, Macao’s gross domestic product (GDP) is expected to fall around 56% this year, adding that while the estimate “will be constantly adjusted” the government predicted this year’s economy would contract over 50%.
Gaming and junket activities’ share of Macao’s gross domestic product rose by 0.2 percentage points from 50.7 per cent in 2018 to 50.9 per cent last year.
Macao’s gross domestic product (GDP) dropped by 63.8% year-on-year in real terms in the third quarter of this year.
Macao’s Gross Domestic Product (GDP) dropped by 67.8 per cent year-on-year in real terms in the second quarter of 2020, representing a greater decline compared to the previous quarter.
The local government is striving for the resumption of the mainland’s Individual Visit Scheme (IVS) to Macao, Secretary for Economy and Finance Lei Wai Nong told reporters on Wednesday.
Due to the COVID-19 pandemic, it now forecasts that Macao’s economy will drop by between 55.7% and 59.1% this year, in which case its gross domestic product (GDP) will return to the level it was in 2005 or 2004 in real terms.
Macao’s gross domestic product (GDP) dropped 48.7 per cent year-on-year in real terms in Q1.