Rosy glow in Macau

THE Bank of China expects Macau's real economic growth rate this year to surpass the five per cent estimated for 1992.

The bank gives as reasons a rise in exports as Western economies recover, and the development of infrastructure projects such as the international airport.

However, the bank says rising production costs and excessive dependence on North America as a single market will hurt Macau's competitiveness in the longer term.