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Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 10 of 18 items for :

  • Type: Journal Issue x
  • Macao Special Administrative Region, People's Republic of China x
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Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper focuses on economic diversification in Macao Special Administration Region (SAR). The plan envisions the development of four nascent industries. This Selected Issues paper explores product level counterpart data on the exports of goods to identify the availability of knowledge that Macao SAR can leverage to enhance its diversification gains. The analysis first attempts to identify distinctive characteristics of Macao SAR’s export basket. Second, it unravels the availability of Macao SAR’s productive knowledge and assesses how different it is from the productive knowledge needed for the government’s targeted industries. Additionally, it explores Guangdong region’s productive knowledge and identifies synergies between Macao SAR’s targeted industries through the economic diversification plan. It also draws policy implications for Macao SAR to enhance the effectiveness of its diversification policies, including in the Guangdong-Macao In-Depth Cooperation Zone. The authorities should implement economy-wide reforms that improve efficiency and resource allocation to capitalize on the knowledge base available in the Greater Bay Area.
Keywords:
I. trade data; B. export basket structure; product space; export basket; goods export; complexity product; Exports; Export performance; Service exports; Global
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2024 Article IV Consultation Discussions-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation discusses that Macao Special Administrative Region (SAR)’s economy rebounded strongly after the relaxation of coronavirus disease 2019 containment measures in Mainland China. Real gross domestic product increased by 80.5 percent in 2023, recovering much of the decline during the pandemic. A stronger slump in the Mainland’s property sector and higher for longer interest rates in the major economies are the main short-term risks to the outlook. The secular growth slowdown in Mainland China could weigh on Macao SAR’s medium-term growth. Moreover, medium-term growth could be adversely affected by extreme climate events. The authorities should encourage banks to hold higher provisioning to bolster their shock absorbing capacity, enhance the insolvency and debt resolution and restructuring frameworks, and strengthen systemic risk assessment and monitoring. Economy-wide structural reforms focused on incentivizing R&D and innovation, upskilling and reskilling the labor force, and streamlining labor and business regulations would be key for achieving the government’s economic diversification objectives. A comprehensive assessment of investment needs for climate adaptation and its integration in the medium-term fiscal plan would buttress the authorities’ efforts to enhance the economy’s resilience against climate-related disasters.
Keywords:
article IV consultation discussion; transaction rate; article IV process; Board discussion; headline inflation; Commercial banks; Financial sector stability; International reserves; Asia and Pacific; Global; Middle East
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2022 Article IV Consultation Discussions
International Monetary Fund. Asia and Pacific Dept
Macao SAR’s recovery is expected to continue in 2022, but it will take several years before the economy returns to its pre-crisis level. Although strong fiscal support and the financial strength of Macao SAR’s casino groups cushioned employment and consumption, the sharp contraction in activity exposed Macao SAR’s vulnerability to external forces affecting the inflow of tourists. Short-term risks to the outlook include a re-intensification of the COVID-19 pandemic and an increase in Macao SAR’s financial sector stress. The heavy impact of the pandemic on Macao SAR’s growth highlights the need to diversify the economy beyond the gaming industry. The high exposure to climate-related shocks poses long-term concerns.
Keywords:
gaming law; transaction rate; environment protection plan; saving investment gap; headline inflation; fund Statistical Initiatives; Climate change; COVID-19; Global
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
labor market structure; mobility costs Across Occupations; Hong Kong SAR authorities; skill distance; C. skill requirement; Financial sector development; Labor markets; Labor mobility; Labor force; Global
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.
Keywords:
ISCR; CR; Macau; Macao SAR authority; asset; authority; Macao investment fund; Macao SAR economy; Guangdong-Hong Kong-Macao; Macao SAR endeavor; transaction rate; Housing; Income; External sector statistics; Personal income; Housing prices; Asia and Pacific; Global; Australia and New Zealand; Southeast Asia
Cover IMF Staff Country Reports
People's Republic of China-Macao Special Administrative Region: 2016 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that the real output for Macao Special Administrative Region (SAR) is expected to contract for a third consecutive year in 2016. However, external demand has begun to recover with gaming revenues posting six consecutive months of positive annual growth. In 2017, a low base will help increase growth above 2 percent despite continued weak domestic demand. Further out, Macao SAR is well-positioned to record sustainable growth in the mid-single digits. In addition to its still highly valuable gaming monopoly within China, Macao SAR is an established tourist destination with significant geographic proximity to Mainland China. Macao SAR is now also investing aggressively in non-gaming tourism and financial services.
Keywords:
ISCR; CR; SAR; Macau; exchange rate; Macao SAR; IMF staff estimate; household sector; government finance statistics yearbook; transaction rate; external shock; Output gap; Income; Pension spending; Global
Cover IMF Staff Country Reports
The People's Republic of China: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The People's Republic of China
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights China’s continued transition to sustainable growth, with progress on many fronts. Growth slowed to 6.9 percent in 2015 and is projected to moderate to 6.6 percent in 2016 owing to slower private investment and weak external demand. The economy is advancing on many dimensions of rebalancing, particularly switching from industry to services and from investment to consumption. But other aspects are lagging, such as strengthening state-owned enterprises and financial governance and containing rapid credit growth. The current account surplus is projected to decline to 2.5 percent of GDP in 2016 as imports increase and the services deficit widens with continued outbound tourism.
Keywords:
ISCR; CR; RMB; CFETS basket RMB index; growth; debt
Cover IMF Staff Country Reports
People’s Republic of China: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that China is transitioning to a new normal, with slower-yet-safer, more sustainable growth. Growth in 2014 fell to 7.4 percent and, in 2015, is forecast to slow further to 6.8 percent on the back of slower investment, especially in real estate. The labor market has remained resilient despite slower growth, as the economy pivots toward the more labor-intensive service sector. Considerable progress has been made in external rebalancing. The current account surplus fell to 2.1 percent in 2014 from the peak of about 10 percent in 2007, and the renminbi has appreciated by about 10 percent since 2014 in real effective terms. Further progress has also been made on domestic rebalancing.
Keywords:
ISCR; CR; authority; market; financing; China; monetary policy
Cover IMF Staff Country Reports
The People's Republic of China: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The People's Republic of China
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights China’s continued transition to sustainable growth, with progress on many fronts. Growth slowed to 6.9 percent in 2015 and is projected to moderate to 6.6 percent in 2016 owing to slower private investment and weak external demand. The economy is advancing on many dimensions of rebalancing, particularly switching from industry to services and from investment to consumption. But other aspects are lagging, such as strengthening state-owned enterprises and financial governance and containing rapid credit growth. The current account surplus is projected to decline to 2.5 percent of GDP in 2016 as imports increase and the services deficit widens with continued outbound tourism.
Keywords:
ISCR; CR; RMB; CFETS basket RMB index; growth; debt; headline CPI inflation; PPI inflation; PPI deflation; Shanghai composite index; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Financial statistics; Global; Central Asia; Mekong
Cover IMF Staff Country Reports