Macau economy to see double-digit growth in 2023 – AMCM

Macau economy to see double-digit growth in 2023 – AMCM

The Monetary Authority of Macau (AMCM) said the city’s service exports will be boosted by the lifting of pandemic restrictions.

Macau.- The Monetary Authority of Macau (AMCM) has predicted that the city’s export of services will increase as a result of the easing of pandemic limitations. It says this will support double-digit economic growth for the current year

The AMCM expects foreign demand to rise as Macau after reduced entry restrictions. It noted that while internal and external contexts were still challenging, the local banking sector’s capitalisation and liquidity remained stable and fiscal reserve has allowed the government to implement incentive programmes to revive the economy.

It noted that with the new gaming concessions in force, the concessionaires will progressively roll out their investment projects in non-gaming industries, providing additional momentum for growth. Macau’s six casino operators have collectively promised to invest as much as MOP100bn (US$12.4bn) during the ten-year concessions.

However, the AMCM warned: “As a small open economy, Macau’s economic recovery would hinge on the evolution of the pandemic and development of major export markets.”

The financial institution noted that Macau’s GDP fell by 33.4 per cent year-on-year in the third quarter of 2022 while the contraction of GGR widened to 70.1 per cent. The leading service exports decreased by 46.7 per cent.

More than 318,000 arrived in Macau between January 21 and 26 for the Chinese New Year holiday period. The average number was 63,600 per day, an increase of 291.9 per cent over the same period in 2022.

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