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Manila Bulletin devider Business devider Greater Bay Area: Macao's economy experiencing diversifying development

Greater Bay Area: Macao's economy experiencing diversifying development

Published Jul 5, 2024 09:14 am

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According to data released by the Macao SAR Government, the number of tourists visiting Macao in the first quarter of 2024 has reached 8.876 million, which is an increase of 79.4% year-on-year, and the average occupancy rate of hotels has exceeded 85%. In the first quarter of 2024, Macao's GDP grew by 25.7% in real terms, with its unemployment rate falling to 2.1%, and the median working income of the total employed population has increased by MOP 1,000 year-on-year. 

In the government report of the fiscal year 2023, the Macao SAR government clearly put forward the "1+4" strategy of moderate diversified development to promote the development of its four key industries. For more than a year, the Macao SAR government has followed up more than a dozen investment plans in the science and technology industry and supported the implementation of a number of scientific research achievements with prospects for transformation and application. In the development of the modern financial industry, Macao has seized the natural advantages of the "free port", focusing on specialty finance such as bonds, wealth management, green finance, financial leasing, etc. 

The size of its bond market and the number of debts have grown rapidly. In addition, the establishment of the Hengqin Guangdong-Hongkong-Macao Deep Cooperation Zone has given Macao more room for imagination regarding the diversified development, and the development plan of the Cooperation Zone has clearly defined its construction plan of the Macao Brand Industrial Park. 

As of April 2024, the total number of Macao enterprises in the cooperation zone reached 6,208, which is an increase of 12.3% year-on-year or rather an increase of 33.88% compared with the establishment of the cooperation zone. "Headquartered in Macao and operating in Hengqin" - it has become a new model for the development of Macao's industry.

Although Macao is small in size, its weight is heavy and there are many opportunities. Macao deserves to have a promising future. 

To learn more about Macao’s diversifying economy, click here. 

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