Economy set to rebound at double-digit rate this year

The local economy will likely rebound from the poor performance of recent years and grow at a double-digit rate in 2023, the Monetary Authority of Macao (AMCM) has forecast in its Monetary and Financial Stability Review, the first of this year.

“Given the low base effect, Macau’s economy is expected to rebound at a double-digit rate for the whole year of 2023,” AMCM wrote, but also noting that “as a small open economy, Macau’s economic recovery would hinge on the evolution of the pandemic and development of major export markets.”

According to analysis and research by the local authority, economic recovery should pick up in response to external demand directly related to the lifting of border restrictions in neighboring regions.

The report also noted that the government’s recent promotional campaigns should have a positive effect in “attracting regional and international visitors to hasten the recovery of inbound tourism.”

The investment projects that new gaming concessionaires are obliged to undertake under the new concessions, which came into effect at the start of this year, are also expected to contribute to the recovery.

AMCM hopes that these investment projects, in non-gaming segments, will also be able to “generate new impetus for growth.”

Good news is also expected for the labor market, with AMCM expecting the unemployment rate to gradually reduce as “labor demand is likely to increase.”

On the other hand, a better economic outlook may result in a rise in the Consumer Price Index, although AMCM predicts that the rise will be “moderate.”

AMCM warns of illegal Indonesian ‘YourPay’ app

The AMCM has issued a statement asking people to not use a mobile application named “YourPay” that is being used by some to send remittances from Macau to Indonesia.

According to AMCM, the app is being promoted on several media platforms. The local monetary authority noted that this app is not authorized to conduct any financial activities in Macau, and is therefore considered illegal.

Under the rules for financial activity in Macau, those involved in unauthorized financial operations could face hefty fines.