FRC/CREDDM/PLATAFORMA Digital Talks
Macau: New Economic Challenges
The last two decades of Macau have been marked, not only by the creation of the SAR, but mostly by the vertiginous growth of the territory's economy, which has resulted from the explosion (liberalization) of the gaming industry.
The casinos – emblems of the MSAR – transformed the city completely, raised its residents’ quality of living, exponentially increased public revenues and, mainly, placed this small territory on the map of cities with the highest GDP in the world.
Contrary to predictions for 2020, the pandemic crisis that is plaguing us all has revealed, once again, a set of weaknesses in the structure of Macau’s economy that needs solving.
Too much dependence of the gaming industry, deficient local economy capacity, together with the scarcity of qualified labor for the so-called economic diversification, are just some of the examples that must be resolved.
In a time of total ambiguity for the world, Macau has the possibility to reinvent itself within the biggest political and economic project in recent years for the People's Republic of China – The Great Bay Area.
This market of over 100 million people, along with a wider space to grow (Hengqin), is becoming a fantastic opportunity for Macau to expand and to consolidate in the regional chart, which will inevitably boost the so desired economic diversification of the territory.