मकाओ एसएआर, चीन

# Economic Profile of the Macao Special Administrative Region

Macao is a Special Administrative Region located in southern China and is established as a high-income economy in the Asia-Pacific region. Despite its small population of approximately 680,000, it possesses a unique economic structure with extremely high economic concentration.

Macao's economy has long been heavily dependent on casino and gambling-related industries. Functioning as one of Asia's premier gambling destinations alongside Las Vegas and Singapore, tourism and casino-related income account for over 60% of the entire economy. This industrial structure has enabled Macao to achieve very high per capita GDP on a global scale and secure its position as a high-income jurisdiction.

However, the Macao economy has recently entered a major transition period. Following the 2019 pro-democracy demonstrations in Hong Kong, tourist arrivals from mainland China declined, and the COVID-19 pandemic dealt serious damage to the tourism industry. From 2020 to 2021, GDP contracted significantly and unemployment rose. Following the relaxation of mainland China's zero-COVID policy from 2022 onwards, a gradual recovery has progressed.

A notable point is the Macao government's efforts to diversify the economic structure. It is promoting the reduction of excessive dependence on the casino industry and cultivating new industries including cultural tourism, conferences and exhibitions, entertainment, and digital economy. Additionally, the introduction of a new casino licensing system from 2024 onwards has been decided, and industrial restructuring is underway. Furthermore, deepening economic integration with mainland China, particularly through inclusion in the Greater Bay Area initiative, is progressing, and the construction of a new regional economic role is becoming a key issue.