Macau's economy falls 29.6% in 2020 - Plataforma Media

Macau’s economy falls 29.6% in 2020

According to the document released today by the IMF, the economy of Macau, which in 2019 shrank 4.7% and which this year is expected to decline 29.6%, in 2021 will have a substantial growth of 32%.

In terms of unemployment, the rate of world capital will remain practically residual: 2% this year and the following year of 1.8%, indicated the IMF.

As for inflation, it is expected to remain at 2% in 2020 and 2.3% in the following year.

The IMF predicts that the world economy will experience a 3% recession in 2020, the result of the so-called “Great Confinement” due to the covid-19 pandemic, according to the World Economic Outlook released today.

With an economy highly dependent on gambling, Macau saw gaming revenues fall 79.7% in March, compared to the same period in 2019, a month when measures to contain the covid-19 outbreak practically closed the borders of the world capital of casinos.

The latest official figures also indicate a 60% drop in the first three months of the year, after historical losses in gaming revenues were recorded in February in a month when the casinos were closed for 15 days.

The global amount generated from January to March 2020 was 30.48 billion patacas (3.47 billion euros), less 45.66 billion patacas (5.19 billion euros) than recorded in the three first months of 2019.

Macau casinos closed 2019 with revenues of 292.46 billion patacas (about 32.43 billion euros).

Macau has not registered new cases for six consecutive days and two more patients have been discharged from the hospital, so 30 infected people are still receiving treatment for covid-19, authorities announced today.

Macau has registered 45 infected since the outbreak of the new coronavirus.

After the territory was 40 days without identifying any infection, as of mid-March, 35 new cases were identified, all imported.

In February, Macau registered a first wave of ten cases of covid-19. Of the 45 cases, 15 have already been discharged.

After detecting new cases, the authorities reinforced border control measures and restrictions. One is the mandatory 14-day quarantine upon entry into the territory.

Related posts
EconomyMacao

Macau: Legislator demands action against 'collusion' between casinos, officials

ChinaEconomy

Macau continues to open tender for new gambling concessions despite pandemic

EconomyMacao

Macau loses over 70 billion patacas in gambling tax by October

EconomyMacao

Las Vegas Sands mulling Vegas casinos sale to fund Asia expansion

Subscribe to our Newsletter.