DIVERSIFICATION
Diversification is the strategic process of shifting an economy from a single economic activity – in Macau’s case it has traditionally been gaming – to multiple activities. This strategy has become one of the highest priorities of the Macau government, particularly in the wake of the COVID-19 pandemic which has significantly impacted the local economy. The Chief Executive, Mr Ho Iat Seng, said “to speed up the promotion of moderate economic diversification and promote various construction undertakings in an orderly manner” has become the core mission of the Macau government as part of the SAR’s second five-year plan, which was published in December 2021.