The International Monetary Fund (IMF) has warned that Macau’s over-reliance on the gaming industry will expose SARs to future economic headwinds as they move out of the pandemic.
In consultation with the SAR, the IMF Board said Macau was “hit hard by the Covid-19 crisis,” with gross domestic product declining 54% in 2020 and increasing 18% in 2021. .. Partial recovery of the gaming sector. “
Gradual recovery of foreign tourists and recovery of domestic demand will continue this year in Macau with a 15.5% increase in GDP before the issuance of new game concessions contributes to 23% growth in 2023. It is expected to promote a good recovery.
In March, the Macau government announced that it would extend the SAR game license by six months until the end of this year.
However, the IMF said the collapse of economic activity during the pandemic “revealed that Macau SAR is overly dependent on the gaming industry, primarily due to sluggish service exports.” rice field.
In addition, Macau’s current account surplus in 2021 was estimated to be less than half that before the pandemic, “because tourism revenues are still relatively low” and “without rapid progress towards economic diversification.”
“There remains a big downside risk,” the IMF said. “The revival of the Covid-19 pandemic could stall the short-term recovery of Macau SAR and undermine the medium-term viability of the gaming sector.” Uncertainty remains, which, coupled with the recent ban on the marketing of gaming services on the mainland, has clouded the outlook for the gaming sector. “
