The Macau Economic Association thinks the economy is on track to grow this year by more than the already very respectable 74.4 percent forecast by the IMF.
macao economy
The ambitious target has been laid out in Macao’s latest five-year plan, but could prove challenging given gaming’s enormous contribution to the economy
The latest figure reflects the gaming bonanza brought about by October’s “golden week” holiday, when the city welcomed almost a million visitors.
The legislation is geared to helping Macao become a financial hub as part of the SAR’s plan to reduce its overwhelming economic dependency on gaming.
Gaming boss Robert Goldstein says speculation should be around how big the market could get, not whether or not it will recover.
A projection from the Macau Economic Association says indicators are slightly below expectations but stable and improving.
The relaxation of pandemic border controls and the resumption of tourism lie behind the strong performance, the Statistics and Census Service says.
The return of tourists comes as a huge relief for Macao’s retail sector, which posted big sales increases in the first quarter of this year.
The consumer price index barely moved between March and April, with lower rents helping to offset any increases in the price of consumer goods.
