Macau’s Economy To Grow By 4.3 Percent In 2019: IMF

Macau's Economy To Grow By 4.3 Percent In 2019: IMF

According to the International Monetary Fund (IMF), Macau’s economy would witness a 4.3 percent year-on-year growth by the end of the financial year ending December 2019. Macau Daily Times reported, the Monetary Authority (AMM) saying that IMF predicts “the economic growth rate of the Macau SAR at 4.3% in 2019 and about 4.0% over the medium term.”

The report considers the macroeconomic policies of the Macau SAR (Special Administrative Region) government, and it indicates the overall economic stability of the global gambling Hub.

Macau is the only Chinese controlled territory where gambling is legal. Macau is also famous worldwide for its luxury integrated casino resorts. Gaming and tourism are the two main sources of income for the Macau government.

The IMF report has also lauded the Macau government’s effort to curb money laundering and checking the flow of funds to support terrorist activities.

In his statement to the Macau Daily Times, Professor Zeng Zhonglu of Macau Polytechnic Institute’s Gaming Teaching and Research Centre has said that “he expects a slight increase in gambling revenue this year, following the International Monetary Fund’s forecast.”

According to Feng “there would be a single-digit increase in overall gambling revenue, as he saw the 20th anniversary of the Macau Special Administrative Region and the opening of the Hong Kong-Zhuhai-Macau Bridge opportunities to drive in tourists.”

Earlier on May 1, the Macau Gaming Inspection and Coordination Bureau posted that the year-on-year gross gaming revenue for the month of April fell by 8.3 percent to 23.5bn patacas ($2.9bn). It is by far the most significant revenue drop since June 2016.

While the drop in gambling revenue growth is attributed to the slowdown in the Chineses economy, analysts have predicted that it will be back on track in the coming months.

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