Macao annual report sees ‘opportunity in crisis’
An annual report, released by the Monetary Authority of Macao in October, reveals a drop in economic growth in 2011, but details progress in bank supervision in the Chinese territory.
The report says GDP grew by 20.7% in 2011, down from 26.2% in 2010, which the central bank attributes in part to a decline in ‘visible exports'. Inflation, however, increased to 13.5% in 2011, up from 6.8% in the previous year.
The monetary authority's balance sheet showed a 43.2% increase in the foreign exchange
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