Macao economy to grow by 4.3pc in 2019: IMF

MACAO, May 12 (Xinhua): The economic growth rate of China's Macao Special Administrative Region (SAR) was projected at 4.3 per cent in 2019 and about 4.0 per cent over the medium term, the SAR's monetary watchdog said on Saturday, quoting a report from the International Monetary Fund (IMF).

Monetary Authority of Macao said IMF concluded the 2019 Article IV Consultation with Macao SAR and published its staff report on Friday.

The report affirms Macao's strong fiscal and external financial positions, credible linked exchange rate system, sound financial system, wide-ranging plans of economic diversification and prudent macroeconomic policies.

On economic outlook, the IMF mission expects the SAR's economy to achieve relatively stable and solid growth over the medium term, driven by tourism and continued diversification efforts. Economic growth rate is projected at 4.3 per cent in 2019 and about 4.0 per cent over the medium term.

The mission also recognizes the prudent macroeconomic policies of the SAR government with zero gross debt, which has endowed Macao with large fiscal and external financial buffers. These buffers will continuously anchor the stability of the economy and reduce external vulnerabilities emanating from global economic uncertainties.