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Economy of Macau
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The economy of Macau has remained one of the most open in the world since its handover to China in Apparel exports and gambling -related tourism are mainstays of the economy. Since Macau has little arable land and few natural resources, it depends on mainland China for most of its food, fresh water, and energy imports.
Japan and Hong Kong are the main suppliers of raw materials and capital goods. Although Macau was hit hard by the —98 Asian financial crisis and the global downturn in , its economy grew approximately During the first three quarters of , Macau registered year-on-year GDP increases of The Hong Kong dollar is itself a reserve currency for the Macanese pataca , which is pegged at the official rate of around 1 Hong Kong dollar to 1.
Macau was a barren fishing village with a population of about before the Portuguese arrived in the 16th century, during the Age of Discovery. Portuguese and Chinese merchants flocked to Macau, and it quickly became an important regional trading center in Portugal's lucrative trade along three major routes: After China ceded Hong Kong to the British in , Macau's position as a major regional trading center declined further still because larger ships were drawn to the deep water port of Victoria Harbour.
In an attempt to reverse the decline, from to the early s Macau engaged in the infamous trade of coolies slave labourers as a transit port, shipping locals from southern China to Cuba , Peru, and other South American ports to work on plantations or in mines.
Fishing re-emerged as a dominant economic activity in Macau as it lost its position as a regional trading center. But the most notable was the gambling business. Gambling was first legalised in the 19th century in an attempt to generate revenues for the government.
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