Economic association forecasts positive 2H

A combination of factors, such as the latest stimulus rollout and rising visitor arrival counts, will have “vigorous and positive effects” on the economic forecast of the city, the Macau Economic Association has recently posited.
The association regularly releases its forecast for the city’s economic performance. In its latest forecast, the association noted that visitor arrivals have been on the rise since early March, with more people visiting tourist attractions such as the Ruins of St Paul’s and the Senado Square.
According to figures released by the Public Security Police Force on Monday, last week the city saw a median visitor border crossing count of nearly 50,000. The association estimates that the average of visitor arrivals for March may rise to 25,000 to 30,000 per day.
Another revival factor that the association finds helpful is the government stimulus announced on Monday. The plan consists of an early issuance of cash handouts, vocational training, tax waivers and shopping incentives.
Considering all factors, a research group of the association has raised the city’s prosperity index for the period of March to May to between 3.3 and 3.5. The research group has noted positive prospects for the city’s economic performance in the second half of the year, although the index is still at an unsatisfactory level. The association is confident in the effect of the government stimulus on economic revival.
Further, the group pointed out that the fog blurring the global economic prospects should clear soon, as more types of Covid-19 vaccines have been approved for the market by authorities.
The association has made estimates for mainland China’s economic growth for 2021 and 2022 at 8.3% and 5.9% year-on-year. Its justification is that the International Monetary Fund has raised the global economic development estimate to 5.5% for 2021. AL