Abstract:Since the establishment of the Macau Special Administrative Region 20 years ago,the economy and society has achieved leapfrog progress. The standard of living and the quality of life of the population has been significantly elevated and improved. The internal and external demands decelerated simultaneously in 2019,causing the overall economy to retract for the entire year. On the other hand,the publication of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area earlier in the year signified a new stage for Macau’s economic and social development,with emphasis on “quantitative” development shifted to “qualitative” development. The Outline Development Plan provides a clear guidance for Macau’s development path for the middle stage in the Territory’s practice of “One Country,Two Systems”. The prospects of its development can be optimistically expected. For a sustained quality development,it is essential for the Macau Special Administrative Region to take advantage of its differentiated strength in tourism and MICE industries in the construction of the Bay Area,and to improve its public administration and the rule of law to promote good governance. Fostering,introducing and applying innovative professionals serve not only as the key elements for a successful construction of the Bay Area,but also a matter of concern for Macau’s public administration reform. Due to the short term effects of Covid-19 in 2020,it is expected that certain major elements of the economy will slow down significantly for most of the year. But as measures to stimulate internal demand come to being and travel restrictions to ease after the pandemic,the deceleration may improve in the middle to latter half of the year.
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