Macau, China, Feb. 11, 2026 (Lusa) - The credit rating agency Fitch warned on Wednesday that restrictions on foreign labour and a shortage of skilled workers are hampering the diversification of Macau's economy, the world's casino capital.
In a report released today, Fitch said it expects gambling-related tourism growth to "slow but remain solid in 2026, driven by favourable visa policies, expanded cultural and entertainment offerings, and continued investment" outside casinos.
The institution maintained Macau's rating at “AA”, the third highest level, noting that it is the only jurisdiction without any external debt and has financial reserves of 663.2 billion patacas (€69.4 billion).
In a statement, the Macau Monetary Authority argued that the city's rating "was mainly due to the very stable situation of public finances and the balance of payments".
However, Fitch acknowledged that the region's rating is not higher due to its "high dependence" on casinos and gamblers from mainland China and its "vulnerability to policy changes" by Beijing.
In December, the agency predicted that Macau's economic growth will slow to 4% in 2026 because weaker economic conditions will "weigh increasingly on Chinese tourists".
Fitch expects the local government to continue to drive the development of other sectors, notably by "deepening integration" between Macau and the neighbouring Hengqin (Mountain Island) special economic zone.
But the institution warned that human resources "will constrain Macau's ability to build a competitive advantage in emerging non-gambling sectors in the short term".
At the end of 2025, the region employed almost 184,000 migrant workers, an increase of almost 32,000 since the end of the “zero Covid” policy in January 2023, but still far from the peak of 196,538 reached at the end of 2019.
The authorities of the Chinese special administrative region have identified economic relations with Portuguese Language Countries as one of the priorities for reducing dependence on casinos.
However, since August 2023, Macau has not accepted new applications for residence from Portuguese nationals for the "exercise of specialised technical functions", allowing only justifications of family reunification or previous connection to the territory.
The guidelines eliminate a practice established after Macau's transition in 1999.
Portuguese nationals are now only eligible for a “blue card”, a permit limited to employment, without the benefits of residency, particularly in terms of health and education.
The only alternative to guaranteeing a resident identity card is now to apply for the recent programmes to attract qualified personnel.
VQ/AYLS // AYLS
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