The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today he expected Macao’s Gross Domestic Product (GDP) to grow by about 10 per cent this year.

During a reception, Mr Tam told the press that with the global economy slowing down and international financial market fluctuating even more wildly, he expected Macao’s economy to grow by about 10 per cent, down from his earlier projection of 15 per cent.

In the economic slowdown, tourist arrivals and their expenditure could go down, and the unemployment could rise.

The Government would try to boost employment of local talent and keep the unemployment rate at a relatively low level, he said.

To boost employment, the Government would consider cutting the quota of imported labour in some industries and positions. However, to keep the healthy development of some industries, some quotas should be maintained.

Speaking on Macao’s banking industry, he said he would not rule out the possibility of emergence of further rumours about Macao’s banking sector, after the United States House of Representatives rejected the bailout plan submitted by the US administration.

Mr Tam said Macao’s banking sector had all along been healthy and well regulated, and he urged the public to maintain their confidence in the industry.

Source : Government Information Bureau

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