Unemployment in Macau hits highest level since 2009

The unemployment rate in Macau stood at 2.9 per cent at the end of 2021.

Macau.- The Statistics and Census Bureau (DSEC) has reported a rise in the number of unemployed people in Macau. By the end of 2021, the Macau Special Administrative Region’s unemployment rate had reached 2.9 per cent, the highest level since 2009.

According to statistics from the DSEC, the unemployment rate for local residents was 3.9 per cent. Employment in retail and construction increased by 1,800 and 1,600 respectively, but employment in gaming and junkets decreased by 3,600.

According to the report, the total labour force in Macau stood at 389,000, and the labour force participation rate was 69 per cent.

In October-December 2021 the number of unemployed climbed from 11,000 to 11,900. The overall unemployment rate for the whole of 2021 rose by 0.4 percentage points, and the unemployment rate for local residents rose by 0.3 percentage points.

The median monthly employment earnings for employed persons in 2021 was $15,800, while employed residents earned $20,000.

The International Monetary Fund (IMF) has recently forecasted that Macau’s gross domestic product (GDP) is unlikely to exceed pre-pandemic levels until 2025. 

Following an official visit to Macau, the IMF said it expects GDP to grow by 15 per cent this year as tourism recovers and domestic demand improves. 

Analysts at the IMF said an economic recovery depends on a safe reopening to tourists, with Covid-19 vaccination key to that goal. Analysts also noted Macau’s economic diversification and praised the construction of the Cooperation Zone with Guangdong in Hengqin. The IMF said diversification will help Macau to reduce its economy’s vulnerability to external shocks.