Macao's Economy to Grow faster: Official

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Last updated at: (Beijing Time) Sunday, July 28, 2002

Macao's Economy to Grow faster: Official

Macao's economy is expected to grow faster in 2002 than last year on the back of the liberalization ofgaming industry, a senior official here has said.

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Macao's economy is expected to grow faster in 2002 than last year on the back of the liberalization ofgaming industry, a senior official has said recently.

The city will be developed step by step into an "attractive andunique center for gambling, convention and exhibition and businessservice," Francis Tam Pak Yuen, Macao's secretary for economy and finance, was quoted by Saturday's Macao Daily News as saying.

"The Special Administrative Region (SAR) government will be involved in cutting red tape, revising and upgrading economic rules and regulations and removing obstacles for investors," he said.

Tam predicted that investors will pour nearly 20 billion patacas (2.5 billion US dollars) into Macao in the coming three tofive years along with the opening of the gambling sector.

Business people and local residents have consolidated their confidence on the SAR's prospect, which will help to bring Macao into a new development stage, he said.

A variety of economic indices for the first part of 2002 were better than expected. Tam cited that tourist arrivals jumped a year-on-year 9.3 percent in the six months; exports for January toMay picked up 0.4 percent; and the unemployment rate for March to May went down to 6.2 percent.

"I am confident that the Macao economy will achieve an ideal expansion this year," he said.

Macao's gross domestic product (GDP) increased 2.1 percent in 2001 amid the worldwide economic slowdown.

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