The rating agency believes the rebound will be aided by a \u201csustained\u201d recovery in gaming tourism in the last quarter.<\/p>\n\n\n\n\n\n\n\n
Macau.- Analysts at Fitch Ratings <\/strong>have predicted Macau\u2019s economy could rebound as much as 65 per cent in 2023. This projection surpasses\u00a0the institution’s previous estimate made in December 2022<\/a>\u00a0by 19 percentage points. The steady recovery of gaming tourism is expected to make a major contribution. In 2022, Macau’s economy contracted by 26.8 per cent.\u00a0<\/p>\n\n\n\n Macau\u2019s GGR for September<\/a>\u00a0was down 13.2 per cent\u00a0month-on-month<\/a>\u00a0from MOP17.21bn (US$2.13bn) to MOP14.94bn (US$1.85bn). However, GGRT was up 404.2 per cent year-on-year. Cumulatively, Macau\u2019s GGR for the first nine months of 2023 was MOP128.95bn, up 305.3 per cent compared to the same period in 2022.<\/p>\n\n\n\n Fitch rates Macau’s status as a sovereign issuer of debt at AA\/Stable based on Macau’s robust public and external finances<\/strong> and prudent fiscal management. Analysts said that despite the territory being on track to record a budget deficit for the fourth consecutive year, it remains the only entity in Fitch\u2019s global sovereign portfolio without outstanding government debt, which puts it well below the AA median of 44.7 per cent of GDP.<\/p>\n\n\n\n Fitch Ratings predicted that Macau’s current account surplus will increase to 25.6 per cent of GDP by 2023. It said Macau will continue to have a high net external creditor position of 246 per cent of GDP.<\/p>\n","protected":false},"excerpt":{"rendered":" The rating agency believes the rebound will be aided by a \u201csustained\u201d recovery in gaming tourism in the last quarter.<\/p>\n","protected":false},"author":176,"featured_media":22428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fitch Ratings projects Macau's economy to rebound by 65% in 2023, exceeding prior estimates, primarily driven by a sustained recovery in gaming tourism. Despite a month-on-month GGR decline in September, cumulative GGR for the first nine months of 2023 surged over 300% year-on-year, reinforcing the territory's AA\/Stable sovereign debt rating due to robust public finances.","focusai_entities":"Fitch Ratings","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Recovery Sustainability","query":"What are the key underlying factors, beyond gaming tourism, that Fitch Ratings considers critical for the sustained GGR recovery and long-term economic stability in Macau?"},{"label":"Fiscal Management Impact","query":"How might Macau's continued budget deficit, despite its lack of outstanding government debt, influence future sovereign ratings or attract foreign direct investment into its gaming sector?"}],"footnotes":""},"categories":[157,16338],"tags":[23906],"class_list":["post-777010050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010050"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010050\/revisions"}],"predecessor-version":[{"id":777041165,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010050\/revisions\/777041165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/22428"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}