The International Monetary Fund (IMF) has lowered its GDP growth projections for Macau, but with the expected economic performance of the city still standing out amid the the Asia-Pacific economies.
The SAR is expected to report an impressive growth of 10.6 percent in 2024, down from the 13.9 percent forecast six months ago, and 7.3 percent in 2025, down from the previous 9.6 per cent estimate.
This growth trajectory still far surpasses the average projections for Asia, which are estimated at 4.6 percent in 2024, and 4.4 percent in 2025.
According to the local government’s conservative estimate, GGR for the full year of 2024 is expected to reach MOP216 billion ($26.8 billion).
For the first nine months of 2024, Macau’s casino GGR reached MOP169.3 billion ($21 billion), up 31.3 percent from the previous year but still percent lower than the same period in 2019, which was MOP220.2 billion ($27.4 billion).
Alongside the robust GDP growth, Macau’s consumer price projections indicate a relatively stable inflationary environment, with estimates of 1.1 percent in 2024, and 2.0 percent in 2025.
Importantly, the region’s current account balance is expected to remain strongly positive, reaching 33.2 percent in 2024, and 33.3 percent in 2025.
The employment outlook for Macau is also positive, with the unemployment rate projected to decrease from 1.8 percent in both 2024 and 2025. This decline suggests that the economic recovery is translating into job opportunities for the local population.
When compared to other major economies in the Asia-Pacific region, Macau’s performance stands out, with regional advanced economies like Japan, China Australia expected to grow at a much slower pace.
