Economy | Leong predicts modest growth

Lionel Leong

Macau’s economy will record modest rates of growth this year, Secretary for Economy and Finance, Lionel Leong told reporters on Friday, echoing the earlier 2017 predictions made by government officials and economy analysts.

However, the government’s projection was still subject to a number of domestic and external factors, he said.

While no domestic factors were specified in a follow up statement released by the Government Information Bureau (GCS), one external factor was provided; there was a possibility of currency exchange rates fluctuating which might impact export markets around the world.

In reviewing the economic performance of the city in 2016, Leong summarized that the first half had continued a downward trend observed in the previous year, while the second half had recorded relatively stable performance, narrowing 2016’s overall year-on- year decline.

According to the GCS statement, the secretary also praised the economic contribution of the business sector and of the community as a whole, particularly during the ‘adjustment period’ of the gaming industry. The effort, he said, had helped enhance Macau’s overall competitiveness and the city’s ability to deal with adversities.

Asked to comment on the reported year-on-year decline in the number of gaming workers, Leong said that a change in human resource requirements in integrated resorts was a “normal phenomenon” and it was also a result of a shift from gaming to non-gaming elements in local resorts.

Meanwhile, the government has stepped up efforts to maintain the current high employment rate and to encourage casino operators to prioritize horizontal and vertical mobility in the careers of residents.