IMF predicts Macau economy will contract 30%

The International Monetary Fund (IMF) predicts that Macau’s economy will shrink by 30% in real terms this year.
The institution’s latest World Economic Outlook report expects Macau’s 2020 gross domestic product to contract by 29.6% because of the ongoing impact of the Covid-19 pandemic.
However, it also forecasts a strong rebound next year with real growth of 32%. This suggests that the economic fundamentals of Macau remain strong and that the city will quickly recover once the coronavirus outbreak is fully contained.
Macau entered technical recession last year after recording two consecutive quarters of negative growth. The local economy contracted by 4.7% in real terms in 2019, according to the assessment made in the World Economic Outlook report.
Meanwhile, the world economy will suffer a recession of about 3% this year, the IMF said. DB