Economists have trimmed their predictions for Hong Kong’s economic growth this year, suggesting that the post-pandemic recovery might be losing momentum. A recent Bloomberg survey indicates that the expected GDP growth rate has been reduced from 4.6% to 4%. This revision might make it challenging for the government to achieve its growth target for the year. Despite this, authorities anticipate an economic expansion between 4% and 5% in 2023, albeit set against a backdrop of a 3.5% GDP contraction in 2022. Some experts warn that even a 4% growth may be too optimistic. Factors such as China’s decelerating economy, dampened global demand, and changing local spending habits contribute to the cautious outlook. Moreover, the city’s retail appeal remains weak due to prolonged pandemic restrictions and reduced tourist numbers.
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