As a small open economy，Macau is vulnerable to the external economic condition.Since the outbreak of the global economic turmoil in the fourth quarter of 2008，Macau economy had recorded a negative growth for three consecutive quarters.The major driver of the economic growth，gaming industry，was seriously hit.Private investments dropped drastically and the exports of services and goods had recorded the largest decline ever.The global economy started to pick up in the second half of 2009.For the 3rd quarter of 2009，the GDP of Macau has reverted to a positive growth of 8.2% year-on-year.However，the paces of recovery were uneven in different sectors.Although the visitor arrivals increased and the significant rebound in the gaming sector pushed up the exports of services，the growth in investments and exports of goods remained a double-digit decline.According to the “Macroeconomic Model of Macau”，the annual GDP of Macau is forecast to shrink by 3.6% in 2009.The overall Macau economy is expected to revive more notably in 2010 and have an annual growth of 9.2%.Aside from the exports of goods，we expect the growth in all other sectors will revert to a positive level.