Macau Won’t Experience as Big a GDP Fall for 2020 as Previously Expected
As everyone will likely agree with, 2020 has been a terrible year pretty much throughout. And the gambling industry has suffered through it alongside us. However, even though bad news seems to have been rolling out week after week, there is a light at the end of the tunnel. Macau, one of the special administrative regions of China, which is known for its casino sector, has shed some light on a bit of good news.
Even though brands from the gambling sector, in general, will experience a fall in gross domestic product (GDP) for this year, Macau’s dip won’t be as bad as originally expected. Of course, it’s never good to celebrate a fall in profits for the year, but with Macau realizing that its losses won’t be as bad as predicted, that’s a reason to at least smile. For the 2020 period, Macau’s GDP is predicted to fall by about 56%. While still a large amount, previous estimates suggested a 650.9% drop.
It was during a meeting of the city’s Legislative Assembly on Friday 27 November that the Macau Secretary for Economy and Finance, Lei Wai Nong made the announcement on these findings. Starting back from January, each quarter of 2020 has seen dips in GDP, with the fourth and final one not really expected to be much better.
In a bid to halt losses even further, Macau has the hope that mainland tourism in China as well as domestic demand will continue to provide it with a foundation for some recovery. According to Lei, domestic demand is something that represents around 66% of Macau’s GDP. With the recent lifting of certain travel bans, there are hopes that things will pick up and help the city’s economy improve.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Macau Won’t Experience as Big a GDP Fall for 2020 as Previously Expected