IMF sees Macau’s GDP growth of 13.9% in 2024 due to the recovery of the gaming sector

The International Monetary Fund (IMF) expects Macau’s gross domestic product (GDP) to increase by 13.9% this year. Growth will be supported by the continued recovery of the gaming sector and strong private investment.

The forecast was released at the end of the IMF delegation’s visit to Macau, which lasted from February 21 to March 6. According to the Fund’s estimates, the city’s GDP is poised for continued strong growth in 2024. The indicator is expected to return to pre-pandemic levels by 2025.

IMF also forecasts the city’s economy to grow by 3% in the medium term. The report emphasizes that the growth trajectory will largely depend on the effectiveness of efforts to diversify the economy. Integration with the Greater Bay Area will play an equally important role. This is an economic region in China that unites Hong Kong, Macau and nine cities in the southern province of Guangdong.

Gross gaming revenue in Macau in 2023 amounted to 183.1 billion patacas (more than 2 trillion rubles), a 33.8% increase over the 2022 figure. Meanwhile, the city’s GDP grew 86.4% in the fourth quarter of 2023 and 80.5% for the whole of last year. This growth is due to the removal of restrictions related to COVID-19. Because of these measures, the borders were closed for three years.

The IMF noted that China’s easing of travel restrictions related to the coronavirus in early 2023 breathed life into Macau’s pandemic-stricken economy. The fund’s report also indicated that the gaming sector witnessed a sharp recovery, although non-gaming performance was less impressive.

Note: Soft2Bet’s 2023 revenue grew 46% year-on-year in 2022.


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