Macau’s economy is likely to shrink this year and remain in negative territory until 2022, according to the International Monetary Fund’s World Economic Outlook, released last week.
The economy will contract by 1.3 percent this year and 1.1 percent in 2020 before growing 0.4 percent in 2022 and 0.3 percent in both 2023 and 2024, it says.
In the first half of this year, Macau’s economy dipped by 2.5 percent, according to government figures.
The remaining Macau indicators mentioned in the International Monetary Fund report remain broadly unchanged in 2019 and 2020 compared to 2018, such as the inflation rate, the current account balance and the unemployment rate.
Macau’s gaming industry, which is the largest part of the economy, has seen its revenue decline this year as the U.S. trade war triggered a slowdown in the Mainland China economy. Total GGR for Q3 amounted to MOP71 billion, that’s down from MOP74 billion recorded in the same quarter last year.