That response would need to come from actions across all levels of government, from health and fiscal authorities, and from the Federal Reserve. It also seemed likely that the sectors most affected by the pandemic—those relying on extensive in-person contact—would face a long and difficult path to recovery. These sectors and people working in them would likely need targeted and sustained policy support.
Specialising in a few economic activities, however, is widely believed to be risk prone and unfavorable to macroeconomic stability. Diversifying the structure of our economy is therefore closely related to the sustainability of Macao’s development, employment environment and the stability of the community.