After China ceded Hong Kong to the British in 1842, Macau's position as a major regional trading center declined further still because larger ships were drawn to the deep water port of Victoria Harbour.
In an attempt to reverse the decline, from 1848 to the early 1870s Macau engaged in the infamous trade of coolies (slave labourers) as a transit port, shipping locals from southern China to Cuba, Peru, and other South American ports to work on plantations or in mines. Fishing re-emerged as a dominant economic activity in Macau as it lost its position as a regional trading center.
In an attempt to reverse the decline, from 1848 to the early 1870s Macau engaged in the infamous trade of coolies (slave labourers) as a transit port, shipping locals from southern China to Cuba, Peru, and other South American ports to work on plantations or in mines. Fishing re-emerged as a dominant economic activity in Macau as it lost its position as a regional trading center.
In the early 1920s, over 70% of Macau's 84,000 residents were engaged in fishing.
The first casino monopoly concession was granted to the Tai Xing Company in 1937.
The industry saw a major breakthrough in 1962 when the government granted the Sociedade de Turismo e Diversoes de Macau (STDM), a syndicate jointly formed by Hong Kong and Macau businessmen, the monopoly rights to all forms of gambling.
From 1962, the gambling industry operated under a government-issued monopoly licence by Stanley Ho's Sociedade de Turismo e Diversões de Macau (STDM), which replaced the Tai Heng Entertainment Corporation that had held a gaming monopoly for the previous 24 years.
The STDM introduced western-style games and modernised the marine transport between Macau and Hong Kong, bringing millions of gamblers from Hong Kong every year. In the 1970s Macau also saw a rapid development in its manufacturing sector.
At its golden age in the 1980s, the manufacturing sector accounted for about 40% of Macau's GDP; textiles and garments accounted for about 90% of Macau's total visible exports.
In the 1990s Macau had nine casinos and gambling reportedly represented 20 to 25% of Macau's GDP.
Although Macau was hit hard by the 1997–98 Asian financial crisis and the global downturn in 2001, its economy grew approximately 13.1% annually on average between 2001 and 2006.
Another concern is the widening of income inequality in the region: Macau's Gini coefficient, a popular measure of income inequality where a low value indicates a more equal income distribution, rises from 0.43 in 1998 to 0.48 in 2006.
The economy of Macau has remained one of the most open in the world since its handover to China in 1999.
Due to the double-digit economic growth in recent years, the unemployment rate dropped from the record high 6.8% in 2000 to 3.1% in Qtr 3, 2007. With the opening of several casino resorts and other major constructions underway, it is reported that many sectors, especially the construction sector, experience a shortage of labour.
Although Macau was hit hard by the 1997–98 Asian financial crisis and the global downturn in 2001, its economy grew approximately 13.1% annually on average between 2001 and 2006.
The monopoly ended in 2001 when the gaming industry was liberalised and several casino operators from Las Vegas entered the market.
The budget also returned to surplus after 2002 because of the surge in visitors from China and a hike in taxes on gambling profits, which generated about 70% of government revenue.
These new operators include Las Vegas Sands, which opened Sands Macao the largest casino in the world as measured by total number of table games, in 2004 and
Although Macau was hit hard by the 1997–98 Asian financial crisis and the global downturn in 2001, its economy grew approximately 13.1% annually on average between 2001 and 2006.
Another concern is the widening of income inequality in the region: Macau's Gini coefficient, a popular measure of income inequality where a low value indicates a more equal income distribution, rises from 0.43 in 1998 to 0.48 in 2006.
As a special administrative region, Macau functions as a free port and as a separate customs territory. ==Sectors== ===Tourism and gambling=== {| cellpadding="1" style="float: right; margin: 0em 1em 1em 0em; border:1px #bbbbbb solid; border-collapse: collapse; font-size: 90%;" |- align="center" bgcolor=8899AA !colspan=2|Visitor arrivals by place of residence in 2006 |- align=center bgcolor=AABBCC |Place of residence||No.
In 2015, Macau's economy saw a sharp decrease (-26.4% year-on-year in Q2 2015) due to the reduced spending by visitors from Mainland China since Anti-corruption campaign under Xi Jinping. During the first three-quarters of 2007, Macau registered year-on-year GDP increases of 31.4%.
Due to the double-digit economic growth in recent years, the unemployment rate dropped from the record high 6.8% in 2000 to 3.1% in Qtr 3, 2007. With the opening of several casino resorts and other major constructions underway, it is reported that many sectors, especially the construction sector, experience a shortage of labour.
Currently the number of imported labours stands at a record high of 75,391 (Q2 2007), representing more than a quarter of the labour force in Macau.
Macau's primary export partner in 2011 was Hong Kong (44.6%).
In 2015, Macau's economy saw a sharp decrease (-26.4% year-on-year in Q2 2015) due to the reduced spending by visitors from Mainland China since Anti-corruption campaign under Xi Jinping. During the first three-quarters of 2007, Macau registered year-on-year GDP increases of 31.4%.
In 2020, because of the COVID-19 pandemic, Macau has seen a massive decline of the economy, as it collapsed by 50%, nearly destroying the economy.
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Page generated on 2021-08-05