The International Monetary Fund (IMF) has concluded the 2024 Article IV Consultation with Macau Special Administrative Region and published its Staff Report on 30 May, with the IMF Mission affirming the local government’s efforts on promoting appropriate economic diversification as well as prediction Macau’s economy to grow by 13.9 per cent this year, the Monetary Authority of Macao (AMCM) has announced.
Furthermore, the Mission also pointed out that the SAR’s economic output would regain its pre-pandemic level within next year.
The IMF Mission also affirmed Macau’s linked exchange rate system between the Macau pataca (MOP) and the Hong Kong dollar (HKD) renders credible support to economic and financial stability as well as its sound financial system to withstand external shocks, among others.
The Mission’s recommendation on Macau’s economic development included: capitalise on digitalisation and innovation to boost the SAR’s productivity, scale up public investment in areas including education, training, healthcare, basic research and climate-resilient infrastructures, as well as promote scientific research and enhance skills of the labour force.
In addition, the recommendations further encourage Macau to keep up the reinforcement of policy measures against money laundering and financing of terrorism, as well as to leverage opportunities arising from integration into the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).
The IMF Mission conducted its Article IV Consultation for Macau SAR between 21 February and 6 March this year, while the Staff Concluding Statement was published on 7 March.
The Staff Report has meanwhile been published on the IMF’s website.
Photo: Vernon Raineil Cenzon
COMMENTS