The Macau Economic Association says that the overall outlook for the city’s economy is stable, although small and medium-sized businesses are still facing problems.
Macau Economic Association
The Macau Economic Association warns that 2024 could be challenging however, given complex geopolitical factors and mainland China’s sluggish economy.
The Macau Economic Association’s forecast is in contrast to a report published earlier this month by Moody’s, which downgraded Macao to ‘negative’.
The collective profits of the leading manufacturing firms in the province have dropped by nearly 22 percent in a sure sign of more hurdles ahead for China’s slowing economy.
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.
Enterprises with bank loans will be able to defer payments of principal amounts for another year, and instead focus on interest repayments.
Slowdowns in the mainland Chinese economy, and high local borrowing costs, pose threats to the city’s economic recovery.
A projection from the Macau Economic Association says indicators are slightly below expectations but stable and improving.
New figures show that gaming taxes accounted for more than 75 percent of the Macao government’s total revenue for the first four months of 2023.
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