The IMF projects Macau's GDP to grow by 13.9% in 2024, driven by a recovery in the gaming sector
The forecast was released following an IMF delegation's visit to Macau, which took place from February 21 to March 6. According to the fund's estimates, the city's GDP is poised for continued strong growth in 2024, with expectations that it will return to pre-pandemic levels by 2025.
The IMF also anticipates a 3% growth in the city's economy over the medium term. The report emphasizes that the trajectory of this growth will largely depend on the effectiveness of efforts to diversify the economy. Equally important will be the integration with the Greater Bay Area, an economic region in China that encompasses Hong Kong, Macau, and nine cities in the southern province of Guangdong.
In 2023, Macau's gross gaming revenue reached 183.1 billion patacas (over 2 trillion rubles), marking a 33.8% increase compared to 2022. The city's GDP surged by 86.4% in the fourth quarter of 2023 and by 80.5% for the entire previous year, a growth attributed to the lifting of COVID-19 restrictions that had kept borders closed for three years.
The IMF noted that the easing of travel restrictions by China at the beginning of 2023 revitalized Macau's pandemic-stricken economy. The fund's report also indicated that while the gaming sector experienced a sharp recovery, the performance of non-gaming businesses was less impressive.
Additionally, it is worth noting that Soft2Bet's revenue for 2023 increased by 46% compared to 2022.
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