Ho Iat Seng expects recession to continue in H2

Macau’s chief executive has warned that Macau will continue to see a recession in the second half of the year as a result of the coronavirus, local media reports.

“Multiple data indicate that the Macau economy has (experienced) a substantial fall in the first half of this year. The general strength of the economy has declined. All industries have been profoundly affected. And enterprises, regardless of their sizes, are facing various types of difficulties and challenges. The expectation is that with an increasing number of external uncertain factors, (the economy) will still face a relatively high pressure in the second half of the year,” said Ho Iat Seng whilst presiding over the Economic Development Council plenary meeting. 

The chief executive has urged for a solution to Macau’s over-reliance on the gaming sector, noting that the pandemic just makes the task all that more pressing.

“We must expedite the contemplation on a concrete direction and measures to improve the economic structure of Macau. This is to promote the diversification of Macau economy and take action. It is especially to utilise the advantages of the One-Country, Two-Systems principles in order to prepare for the active participation in the development of the Guangdong-Hong Kong-Macau Greater Bay Area.”