Economists raise GDP forecast for Hong Kong, lower it for Singapore

Economists have raised their forecasts for Hong Kong’s GDP growth while lowering their expectations for Singapore. According to a survey, Hong Kong’s economy is expected to expand 3.4% this year and 3.5% next year, from previous estimates of 2.7% and 2.8%, respectively. Singapore’s GDP is expected to expand 1.9% this year, down from a previous estimate of 2.2%. Gary Ng, economist at Natixis SA, said Hong Kong will benefit from China’s reopening, but the continuation of higher interest rates may pressure consumption, property investment, and external trade. Economists in both the Hong Kong and Singapore surveys also expect pressures on consumer prices to increase either this year or next.