The Macao public have just 30 days to submit feedback on the government’s freshly-proposed five-year economic diversification plan, centred around reducing dependency on casinos.
GDP
The annual sourcing of cashew nuts – the country’s main export, upon which more than 80 percent of the population depends – is now underway.
Covid-19 restrictions hammer the economy across the board; GDP down 27% in first three quarters of 2022.
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.
