Macao's economy forecast to grow by 7 percent

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Last updated at: (Beijing Time) Tuesday, March 09, 2004

Macao's economy forecast to grow by 7 percent

The economy of Macao Special Administrative Region (SAR) was forecast to grow by 7 percent in the year 2004, according to a senior economic official.

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The economy of Macao Special Administrative Region (SAR) was forecast to grow by 7 percent in the year 2004, according to a senior economic official.

"Bolstered by a rosy prospect of the tourism sector, a steady performance of export and a surge of investment in both the publicand private sectors, Macao's economy will sustain a strong growth momentum this year," said Francis Tam Pak Yuen, Secretary for Economy and Finance Tuesday.

The SAR government has planned to invest 3.5 billion patacas toupgrade infrastructures this year, and two foreign casino operators will pool millions of US dollars to build their entertainment attractions in Macao, said Tam.

The strong investment is expected to give a greater charm to Macao's tourism, which has been invigorated by the mainland's facilitated individual travel scheme on Hong Kong and Macao-bounded tours.

The tourism boom has contributed greatly to Macao's record-higheconomic growth rate of 14 percent last year. With a land area of 26.8 square kilometers, Macao received over 11.9 million visitor arrivals last year.

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