Ho Iat Seng projects double-digit growth by end of 2024

Chief Executive Ho Iat Seng announced yesterday that the government is expecting a double-digit growth by the conclusion of 2024.

This announcement was made at the beginning of an eight-day media campaign in Macau aimed at boosting economic investment in the Greater Bay Area.

The CE spoke about the region’s economic prospects and the government’s efforts to diversify the economy beyond the gaming industry, which has long been the backbone of Macau’s economy.

Ho expressed optimism about the region’s financial prospects, predicting a surplus budget for next year.

The city’s top official highlighted the government’s efforts to diversify the economy beyond the gaming industry, and emphasized the importance of integrating Macau into China’s global development.

He highlighted the Guangdong-Hong Kong-Macau Greater Bay Area as the path to development. The Guangdong-Macau In-depth Cooperation Zone in Hengqin was specifically mentioned as the first step in this process.

Ho also highlighted the success of Macau’s non-gaming initiatives, including the development of performing arts, conventions and exhibitions, and international sporting events.

He noted that these initiatives have generated “significant revenue for the government, with ticket sales exceeding MOP10 billion in 2023.”

Macau’s economy grew by 25% year-on-year in the first quarter of this year, and Ho believes this upward trend will continue. He pointed out that the SAR government has been working to develop four major industries, including tourism, finance, logistics, and technology, as part of its 5-year economic diversification development plan.

“GBA cities should develop their distinctive industries based on their own positioning,” he stressed during the media briefing. He noted that Macau may be weak in certain industries, but is confident in its ability to co-develop with other GBA cities.

In addition to these initiatives, Ho announced that the government has found a new outdoor performance venue that can accommodate “50,000 to 80,000” people.

The announcement was made prior the official release of statement by the Cultural Affairs Bureau. The venue, located near the Grand Lisboa Palace and MGM Cotai, will not impact residents and is expected to be operational by 2025.

The Chief Executive called on the public to work together to enhance Macau’s “Golden Business Card,” emphasizing the need for the public to protect and love Macau. He also highlighted the success of Macau’s economic recovery, noting that the region’s GDP reached MOP434.67 billion in 2019 and recovered to 80% in 2023.

Ho also highlighted the success of Macau’s economic recovery, noting that the region’s GDP reached MOP434.67 billion in 2019 and has already recovered to 80% of that level in 2023, despite the challenges posed by the pandemic.

The Chief Executive’s remarks underscored the need for a collective effort from the public to maintain and strengthen Macau’s reputation as a premier destination, as the government works to diversify the economy and reduce reliance on the gaming industry. Nadia Shaw