Weak external and domestic demand brought about by the Covid-19 pandemic caused a sharp contraction in economic activity.
macao economy
Mobile payments topped 26 billion patacas last year, 40 percent more than in 2021 and 20 times more than in pre-pandemic 2019.
In largely upbeat report, researchers predict strong growth in visitor numbers and government revenues of around MOP 60 billion; numbers still lag behind 2019’s results.
CEO Robert Goldstein remains ‘deeply confident’ in future of Macao and considers it an ideal market for additional capital investment.
Around 3 million Hong Kong visitors expected by year’s end, less than half pre-pandemic annual total of 7 million.
Operators embark on new game plan while tasked by government to play greater role in diversifying city’s economic, day-to-day life and guaranteeing local jobs.
All united in gratitude to the government – and make a point of underlining commitment to promoting Macao’s status as ‘a world centre of tourism and leisure’.
Next year’s budget for public welfare measures will cost local government about MOP 20.9 billion.
As MOP is linked to HK$, increase follows Hong Kong’s adjustment based on US Federal Reserve’s move to raise Fed funds rate target range by 75 basis points.
