Macau’s economy expected to grow in 2018

15 November 2017

Macau’s economy is expected to post growth in 2018, according to the lines of government action (LAG) presented on Tuesday by the region’s Chief Executive, who is “cautiously optimistic about the economic development of Macau.”

The LAG report mentions five priorities in the area of the economy, one of which is “consolidation of the bases of the dominant sector and construction of a city with conditions for tourism and leisure,” where the plan is steadily to achieve a development strategy that promotes fusion of industries with new technologies, encouraging traditional industries to inject a new vitality, so as to encourage the emerging industries.

In relation to the gaming sector, the government wants to encourage gaming operators to explore unconnected businesses and to promote interactivity among themselves, small and medium-sized enterprises, local shops with unique characteristics and companies in the cultural and creative sectors, among others.

Chui Sai On said after presenting the document that the government has forecast gross gaming revenues of 230 billion patacas (US$28.75 billion) in 2018.

This figure is likely to be achieved, given that accumulated gross revenue between January and October of this year was 220.010 billion patacas (US$27.501 billion).

In terms of tourism, the objectives set out in the five-year Development Plan and the General Development Plan of the Macau tourism industry, seeking to encourage the creation of facilities that are more suited to family tourism, and boost the construction of hotels of lower classification, parks, and integrated shopping centres, among other facilities.

The government also intends to “promote the growth of emerging industries and promote the proper diversification of the economy,” as part of the ongoing support to the conventions and exhibitions sector, innovating in methods for its development, doubling efforts to promote the cultural and creative industries and strengthening regional exchange and cooperation.

The LAG also said that the government also intends to develop the financial sector with Macau’s own characteristics, focusing on leasing and wealth management.

“Construction of financial infrastructure will be enhanced taking advantage of the move of the headquarters of the China-Portuguese-Speaking Countries Fund for Cooperation and Development, which will provide financial services for construction of the Belt and Road initiative,” the document said. (macauhub)