People’s Republic of China—Macao Special Administrative Region

Macao SAR is the largest casino center in the world and gaming tourism drives its growth. While more moderate than in the past, gaming and tourism revenue picked up as the economy returned to expansion since mid-2016. Growth then moderated in the second half of 2018, including due to spillovers from the Mainland’s deleveraging effort and U.S.-China trade tensions. Diversification efforts continue as gaming activities still amount to almost half of GDP.