ADB Lowers Hong Kong Growth Forecast to 2% for 2024

The Asian Development Bank (ADB) has lowered its 2024 Hong Kong growth forecast from 2.3% to 2%, citing global trade risks and supply chain disruptions.

Despite these concerns, Hong Kong’s GDP expanded by 3.1% in Q1, beating expectations and marking nine consecutive quarters of growth. Citigroup projects GDP growth of 2.2% for 2024, while UBS recently upgraded its forecast to 2.2% from 1%, citing easing Sino-US tariff tensions.

The ADB maintained its 2024 forecast for China at 4.7%, warning of persistent property market weakness and rising global energy prices.