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International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of “A Strategy for IMF Engagement on Social Spending.”
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR

International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR

International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR

International Monetary Fund. Asia and Pacific Dept

In recent years, the Macao SAR economy contracted by a cumulative 30 percent due to a sharp fall in spending by gaming tourists from Mainland China. Spillovers to the rest of the economy were relatively contained with unemployment staying under 2 percent and asset quality in the financial sector unaffected. Nonetheless, the size and speed of the shock underscored the need to transition to a more diversified economic model going forward. Fortunately, Macao SAR is entering this transition from a position of strength with large fiscal and external buffers.

International Monetary Fund. Asia and Pacific Dept

In recent years, the Macao SAR economy contracted by a cumulative 30 percent due to a sharp fall in spending by gaming tourists from Mainland China. Spillovers to the rest of the economy were relatively contained with unemployment staying under 2 percent and asset quality in the financial sector unaffected. Nonetheless, the size and speed of the shock underscored the need to transition to a more diversified economic model going forward. Fortunately, Macao SAR is entering this transition from a position of strength with large fiscal and external buffers.

International Monetary Fund. Asia and Pacific Dept

In recent years, the Macao SAR economy contracted by a cumulative 30 percent due to a sharp fall in spending by gaming tourists from Mainland China. Spillovers to the rest of the economy were relatively contained with unemployment staying under 2 percent and asset quality in the financial sector unaffected. Nonetheless, the size and speed of the shock underscored the need to transition to a more diversified economic model going forward. Fortunately, Macao SAR is entering this transition from a position of strength with large fiscal and external buffers.

International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights China’s continued transition to sustainable growth, with progress on many fronts. Growth slowed to 6.9 percent in 2015 and is projected to moderate to 6.6 percent in 2016 owing to slower private investment and weak external demand. The economy is advancing on many dimensions of rebalancing, particularly switching from industry to services and from investment to consumption. But other aspects are lagging, such as strengthening state-owned enterprises and financial governance and containing rapid credit growth. The current account surplus is projected to decline to 2.5 percent of GDP in 2016 as imports increase and the services deficit widens with continued outbound tourism.