The Macao Special Administrative Region (SAR) is marking a significant milestone as it commemorates the 25th anniversary of its return to the motherland. Over the past quarter-century, Macao has witnessed remarkable progress across economic and social sectors, exemplifying the success of the “One Country, Two Systems” policy.
Since 1999, Macao’s economy has experienced substantial growth. As of September 2024, the SAR’s fiscal reserves stood at around 617 billion Macao patacas (MOP), approximately $77.22 billion, showcasing the robustness of its fiscal strength. This figure represents an increase of 43.5 billion MOP compared to the same period in 2019.
Despite challenges posed by the COVID-19 pandemic, Macao’s economy has steadily recovered with strong support from the central government. In the first three quarters of 2024, the region’s Gross Domestic Product (GDP) reached MOP 301 billion, registering a real growth of 11.5 percent year-on-year. The overall economic scale has recovered to 86.3 percent of the level seen in the same period of 2019.
To promote appropriate economic diversification, Macao launched its first comprehensive and systematic plan in 2023. The “1+4” economic diversification strategy focuses on tourism and leisure as the leading industry, while advancing key sectors such as Traditional Chinese Medicine and the “big health” industry, modern financial services, new and high technology, as well as conventions, exhibitions, culture, and sports.
Significant progress has been made in these industries. Notably, Macao was named both “Best Convention City (Asia)” and “Best BT-MICE City” consecutively in 2023 and 2024 by the TTG Travel Awards
Reference(s):
Macao SAR at 25: Merits of the practice of 'One Country, Two Systems'
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