AMCM: Macau Employment Sector to Pick Up Amid Economic Rebound in 2023
by: The Beat Asia
January 30, 2023
Macau's employment market is expected to see a much-needed boost amidst a recovering economy, the Monetary Authority of Macao (AMCM) said in its economic bulletin for January.
"In view of the promising economic outlook, labour demand is likely to increase," it said. It added that foreign workers are expected to provide "sufficient cushion" for adjustments to policy to protect local employees.
Macau's unemployment rate in the three months to November 2022 retreated to 3.7% from 4.3% in the previous three months. The number of imported workers fell 9.5% year on year to 154,648 in November last year.
Meanwhile, inflation is projected to increase further as demand recovers on the heels of the pandemic.
With quarantine measures now relaxed, Macau's tourism-dependent economy is expected to pick up. The AMCM expects local GDP to rebound at a double-digit rate this year.
"As the new gaming concessions have come into effect in 2023, the concessionaires would roll out gradually their investment projects in non-gaming segments, generating new impetus for growth," the AMCM said.
"Nevertheless, as a small open economy, Macao’s economic recovery would hinge on the evolution of the pandemic and development of major export markets," it added.
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