Chief Executive Ho Iat Seng yesterday acknowledged that Macau’s economic recovery, which started early this year when the government “fully” lifted its COVID-19 entry curbs, is still “unbalanced”.
Ho noted that while the tourism industry and its related sectors have been doing well, businesses in some districts “have still not recovered”.
Macau’s gaming and tourism industries have been enjoying a speedy recovery since early this year after the economy was hard hit by the three-year COVID-19 pandemic from early 2020 through 2022.
The chief executive pledged that the government is now aiming to enable “everyone” to share the “fruit” of the city’s economic recovery next year.
Ho made the remarks while speaking to reporters at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (aka Forum Macao Complex) near Macau Tower after addressing yesterday’s reception hosted by the local government in celebration of the 24th anniversary of the establishment of the Macau Special Administrative Region (MSAR).
Ho noted that one year ago, the city’s population was battling widespread COVID-19 infections, which happened after the local government discontinued its long-running dynamic zero-COVID approach in early December last year.
After the local government fully lifted its COVID-19 entry curbs in early January this year, Ho said, Macau’s socio-economic landscape “saw a very large” change. Since then, Ho said, the city has achieved an economic recovery thanks to the joint efforts of various segments of civil society, but, he admitted, the city’s ongoing economic recovery has been “unbalanced” as far as certain sectors and districts are concerned.
“Businesses in the streets visited by many tourists have enjoyed a good recovery, but there are some districts where businesses have still not recovered…which is unbalanced,” the chief executive said.
Ho said that the government was aware of the predicament, and that it was working on tackling it.
Despite its rapid recovery, Ho noted that Macau’s economic output has “so far only returned to around 70 percent” of its level in pre-pandemic 2019.
According to official data, Macau’s gross domestic product (GDP) in the first three quarters of this year had returned to 77.4 percent of its level in the same period of 2019.
“Consequently, the government is now aiming to recover the remaining 30 percent so that next year’s economy will fully return to the 2019 level,” Ho said.
“The government is now aiming to achieve a more balanced economic recovery next year, enabling everyone to share the fruit of the recovery,” the chief executive said.
Meanwhile, pointing out that Macau’s gross gaming revenue (GGR) reached 164 billion patacas in the first 11 months of this year, Ho said he expected this year’s GGR to exceed 180 billion patacas as “there are now only 10 days left before this year ends”. Ho’s remarks yesterday came after he said in the middle of last month that this year’s GGR would possibly not reach180 billion patacas this year.
Structural unemployment
Meanwhile, Ho also said he believed that “no cities in the world are able to fully solve structural unemployment”, but the local government would continue to strengthen its work with the aim of helping local jobseekers affected by structural unemployment raise their occupational skills or acquire new ones.
Ho also underlined that without a sufficient number of non-resident workers (NRWs), Macau’s economic development would be adversely affected. Ho noted that many jobs of various types in the city’s service sectors such as restaurant waiters are performed by non-resident workers, asking rhetorically whether local residents who are currently unemployed would be willing to take up these types of jobs.
Ho said that if unemployed local residents would be willing to take up these jobs, the number of the city’s NRWs could be reduced.
‘Grand but simple’ celebrations for MSAR’s 25th anniversary
Meanwhile, Ho also said that the local government will organise and hold a raft of activities and events in celebration of next year’s 25th anniversary of the establishment of the MSAR in a “grand, lively but simple manner”, considering the government’s still “limited” financial resources.
The government expects to run a small surplus of 1.17 billion patacas in its 2024 budget bill, which was passed by lawmakers earlier this month.
Ho said that the government will draft a budget for next year’s celebrations in reference to its spending in 2019 when the MSAR celebrated the 20th anniversary of its establishment.
Next year will also mark the 75th anniversary of the founding of the People’s Republic of China (PRC).
Chief Executive Ho Iat Seng talks to reporters at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (aka Forum Macao Complex) yesterday. – Photo: Tony Wong
