Macao's Economy to Grow Faster in 2002: Official

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 ◆ Macao's Economy to Grow Faster in 2002: Official

Macao's economic performance is tipped to turn better at a faster pace this year on a tepid positive growth of 2001, a high-ranking local official noted here recently.

Addressing the 2002 Macao Industry and Commerce Symposium, Francis Tam Pak Yuen, secretary for economy and finance, said that he is "optimistic" about Macao's economic outlook as beneficial factors are increasing.

The opening of the gaming industry will give Macao a historic opportunity, in which the tourism and related industries will get a boost, spurring the recovery and expansion of the entire economy,he said.

Overseas and local investment will be on the rise thanks to the upgrading of Macao's economic environment, Tam noted.

Still, the economy will benefit from the fast growth of China's interior expected in the wake of its entry into the World Trade Organization if Macao business people take advantage of the emerging opportunities, the official added.

But he warned on the symposium, sponsored by the Macao Chamber of Commerce, that there will not be any radical changes in the near term in Macao's economy, since "the good factors cannot yield results in a single day."

Macao's gross domestic product is estimated to have grown less than 1 percent in 2001 amid the global downturn, compared with a 4.6 percent increase in the year 2000.