Despite seeing a resurgence in its casino gross gaming revenue in the past two months, the International Monetary Fund Macau’s economy will shrink by 4.7 percent this year.

The good news, however, is that the present prediction of IMF on Macau’s 2016 gross domestic product (GDP) is an upgrade to 7.2 percent contraction it earlier forecasted for the former Portuguese enclave’s economy.

In its latest “World Economic Outlook” report, the IMF also adjusted downward its prediction for Macau’s 2017 economy. From the initial forecast of 0.7 percent, the IMF believes that Macau’s GDP will only see a 0.2 percent increase year-on-year.

The multilateral lender, on the other hand, is expecting Macau’s inflation to pick-up this year by 2.6 percent year-on-year for 2016 and 2.8 percent in the following year. Data from Macau’s Statistics and Census Service (DSEC) was at its lowest recorded growth since January 2010, at 1.65 per cent – so far this year CPI has averaged 2.83 percent.