The data is published by the IMF (International Monetary Fund). According to the organization, Macao's Gross Domestic Product (GDP) grew by 9.3% in 2017 and by 7% in the first quarter of 2018. Since independence, the increase is 413%. The territory's population is already the second richest on the planet, with an average annual income of 122,490 international dollars per person - currency used by financial entities to compare prices over time.
Purchasing power in Macao is only behind Qatar, with 128,700 international dollars. The Arab country will be surpassed in two years, according to the IMF. Brazil is currently 84th in the list with 16,200 international dollars.
Casinos were primarily responsible for leveraging the economy of the administrative region. Macau is the only place in China where gambling is allowed and the local government raised US$18.62 billion in the first six months of 2018, according to the City Inspection and Coordination Department. The tertiary sector, which encompasses gambling, accounted for 93.4% of local GDP in 2016.
The Chinese territory has a 1.8% unemployment rate and received 16.8 million tourists between January and June of this year alone, against a population of 656,000, according to Macau Statistics and Census Bureau. Throughout the year 2017, 6.5 million foreigners visited Brazil, according to data from the Ministry of Tourism.
Gambling in Brazil has been banned since 1946
Exploitation of casinos and gambling in Brazil has been banned since 1946. Two bills are currently being dealt with in the legislative houses dealing with the subject. In the Senate, PL 186/2014 was rejected by the CCJ (Citizenship and Justice Commission). In the Chamber of Deputies, PL 442/1991 was approved by Special Commission in 2016 and is ready to be discussed in plenary.
The estimation of who is in favor of the approval is that the release would generate revenue of US$5.4 billion annually in taxes and would create 300 thousand jobs. Unemployment today is in the range of 12.4%, according to data from IBGE (Brazilian Institute of Geography and Statistics). There are 13 million Brazilians out of the market.
While the proposals do not advance, the only regulated alternative for those who enjoy gambling is to bet on the lottery in Brazil, distributed by Caixa Econômica Federal. There is as much possibility to play in lottery houses as in specialized websites. The lottery market grossed US$3.73 billion in 2017, according to the institution.
Source: GMB / Sorteonline.com.br
