The latest survey by Standard Chartered Hong Kong and Hong Kong Trade Development Council showed that business confidence in the Greater Bay Area (GBA) has fallen for five consecutive quarters. The survey showed that the GBA Business Confidence Index fell 4.6% to 41.3 quarter-on-quarter in Q3, the fifth straight quarterly decline. The survey looked at more than 1,000 companies in the GBA. According to the survey, the slump reflected that enterprises are facing a more challenging reality as interest rates rise globally and the risk of a recession grows, compounded by China's zero-Covid policy and the weak housing market. It said that corporations turned more cautious towards the fourth quarter outlook as the expectations index for business activity dropped to 49.9 in Q3, 5% lower than last quarter.
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