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Analysts expect Hong Kong’s growth to outpace Singapore in 2023


Hong Kong is forecast to grow faster than rival financial hub Singapore for the first time in more than a decade this year. The city's economy is coming back after a near-certain contraction last year for the third time since 2019. Economists are upgrading their forecasts for Hong Kong this year as the city accelerates its reopening with mainland China and the rest of the world. An influx of arrivals would be good news for the city and start to revive businesses that have been hurt by the closure, from hotel and catering companies to investment and wealth management firms. Heron Lim, an economist at Moody’s Analytics, said they see Hong Kong turning the corner. Lim expected Hong Kong’s gross domestic product to expand 3.8% this year, compared to a November estimate of 3.2%.

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