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HK’s economy to grow more slowly in 2023, 2024



Hong Kong’s economy is expected to grow more slowly in 2023 and 2024, with forecasts revised down to 3.3% and 2.7%, respectively, due to China’s slowdown and high-interest rates. The latest Bloomberg survey indicates a weaker fourth-quarter growth of 4.8% for this year, compared to a previous 6.5% projection. Despite a boost from tourism, Hong Kong’s post-pandemic recovery has been subdued, not surpassing the 2021 peak. The Hong Kong government projects a 3.2% growth for 2023, aligning with these revised forecasts. External factors like geopolitical tensions and financial conditions are impacting growth. High-interest rates, linked to the US Federal Reserve’s policies due to the Hong Kong dollar’s peg to the greenback, are a key factor.

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