UM forecasts unemployment rate to drop up to 3.3%

Macau’s unemployment rate among local residents is forecast to drop from 3.6% in 2020 to the range of 3.2% and 3.3% this year. The University of Macau (UM) unveiled the macroeconomic prognosis for the city yesterday.
The overall unemployment rate is forecast to fall between 2.2% to 2.3%, vis-à-vis 2.5% in 2020, the UM Centre for Macau Studies and Department of Economics said yesterday.
The scholars gauged the projected numbers by contemplating four various scenarios for Macau’s visitor arrivals in 2021 — 13.8 million (35% of the number in 2019), 17.7 million (45% of 2019’s), 19.7 million (50% of 2019’s), and 21.7 million (55% of 2019’s).
Macau went through a severe economic contraction last year but will see a recovery in 2021. However, the projected GDP is expected not to reach the level of 2019, with the income of many residents falling, the UM scholars pointed out.
The researchers call on the government to continue to make good use of public resources to help local residents ride out the storm during the pandemic.
Apart from the jobless rate, UM scholars also released other projected barometers for this year, including 21.4%-33.5% for economic growth, and 53.4%-82.1% for export growth.

Categories Macau