Macau's Economy to Grow by 8.3% to 21% in 2024, Says University of Macau

Things are looking up for Macau’s economy, as the University of Macau (UM) forecasts that the former Portuguese colony will have an impressive economic growth rate come 2024.

According to a study conducted by UM’s Centre for Macau Studies and the Department of Economics, the Macanese economy is projected to grow by 8.3% to 21%, while its exports of services are expected to grow by 10.3% to 26.7%.

Meanwhile, Macau’s final revenue will maintain a value of approximately MOP95.3 billion to MOP109.6 billion.

Growth was attributed to anticipated economic activities spurred by the arrival of tourists from mainland China, barring no major public health issues will occur in the region next year.

On the price front, researchers expect inflation to rise by 2.4% to 3.3% while the consumer price index is projected to increase by 1.5%. On the other hand, Macau’s median monthly employment earnings are projected to increase by 4.9% to 5.6%.

To view the report’s highlights and key findings, go here.