The University of Macau predicts that the current local economic recession will continue this year, with the university now projecting that the local gross domestic product will decrease 3.7 per cent, TDM Radio reported.
The university had in September of this year projected a possible 0.9 per cent decrease in the Macau economy for 2020, and now seems to have revised its projections.
This decrease would come as a result of a significant reduction in total fixed asset formation and dropping tourism and gaming revenues, and as a result of continuing US-China trade tensions, UM Economics Assistant Professor, Kwan Fung, said today on the sidelines of an event at the university.
The local economy contracted by 2.5 percent in the first half of 2019, enduring two consecutive quarters of negative growth, and with the third quarter registering a 4.5 per cent drop.
In October the International Monetary Fund projected the local economy would finish 2019 with a 1.3 per cent fall, with 2020 to see a 1.1 per cent fall, while the Economist IU estimated a 5.5 per cent decrease this year and a 3.3 per cent fall for 2020.