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Macau GDP should see 74 percent growth in 2023: IMF

Macau’s GDP should grow by almost 75 percent in 2023, the International Monetary Fund estimated, one of the highest increases reported globally.

According to the latest IMF predictions, after a 26.8 percent drop last year, Macau’s economy should recover by 74.4 percent in 2023 and by 27.2 percent in 2024.

The increase is likely attributed to the lower level of comparison after the local gaming and tourism industry was seriously impacted by the Covid-19 pandemic.

Still, the increase vastly surpasses the expected increases for Hong Kong (4.4 percent), mainland China (5 percent), Singapore (1.0 percent), and the Philippines (5.3 percent).

Recently. rating agency Fitch Ratings estimated the local economy should rebound by up to 65 percent this year, that better-than-expected gaming and tourism sector recoveries after pandemic restrictions were lifted.

At the end of September, accumulated GGR stood at MOP128.95 billion ($16 billion), with analysts having predicted the total tally for the whole year could surpass MOP180 billion ($22.3 billion).

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