This article analyses Macau’s macro-economic indicators and the development of its core industries in 2019，and attempts to provide an analysis and forecast for 2020. Based on the figures published，Macau’s economy has experienced negative growth for four consecutive quarters in 2019，with retractions of 3.8%，2.2%，4.5% and 8.1% respectively. The real annual retraction rate was 4.7%. An adjustment period has approached，with the Economic Prospect Indices showing a slow downward trend. Looking ahead to 2020，owing to the effects of Covid-19 and an increasingly complicated international situation，external demand will weaken. Macau’s economy will face more serious challenges. The author expects that although Macau’s economy may experience a double-digit negative growth，its long-term prosperity and stability will not be affected with the backing of the national economy at large.