回歸後的澳門經濟：經濟增長、勞動市場的發展和經濟多元化

This article explores Macao’s economic growth, labour market and economic diversification after the handover. As a small open economy, Macao’s growth is deeply affected by external factors. The ups and downs of Macao’s economy over the past 25 years have been astonishing and the changes have been rapid. To reduce the uncertainty caused by economic fluctuations, economic diversification and reducing reliance on specific industries is one of Macao’s development directions. However, labour problems limit the rapid development of emerging industries, causing them to account for only a small part of Macao’s economy. Macao’s diversification path seems to be based on the leading industry (gaming) driving the development of other industries by sharing resources and cost sharing. This horizontal diversification choice driven by the synergy of the gaming industry seems to be the Macao’s growth experience in the past 25 years. The biggest challenge facing Macao at present is how to introduce a certain degree of diversification of industries from the growth pattern, so as to make the path of economic growth more stable. Macao should learn from the logic and operational experience of other small open economies in selecting industries, formulate appropriate industrial policies to encourage and support the development of new leading industries, and gradually provide for the survival and development of other industries while gaming continues to drive economic development through regional cooperation. This will ensure that Macao’s development achieves a mid- to long-term balance in growth and stability．