Macao's economic chief on Saturday predicted that local economy could register a 15-percent growth for the whole year of 2008.

Given the downturn of global economy and the change in the economic development of the Special Administration Region (SAR)," Macao's economic growth for the second half of this year is expected to slow down", said Tam Pak Yuen, Secretary for Economy and Finance of the SAR, on the sidelines of an international conference held on Saturday.

According to figures released by the SAR government, local economy saw a 26 percent growth in the first half of this year.

The SAR posted a significant year-on-year gaming revenue growth, which is a major income source of the gaming-centered city, in the first half of this year, but Tam said he believed the growth will slow down in the third quarter.

He also pointed out that the local gaming industry has entered the metamorphosis stage, and from a social point of view, the industry, which was developing on a fast track for the past few years, requires proper regulation and review, so that relevant developments of infrastructure and human resource, among others, can catch up with it.

The SAR government will continue its effort to shape Macao into a leisure and holiday center and a regional service platform, he added.

(Xinhua News Agency September 7, 2008)