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Hong Kong Chamber cuts economic forecast to -0.5% in 2022

The Hong Kong General Chamber of Commerce (HKGCC) has slashed its 2022 Hong Kong economic forecast to -0.5%, down from its February estimate of 1.2%. HKGCC chief executive George Leung Siu-kay said the prolonged border closure between Hong Kong and Mainland China, as well as with the rest of the world is impeding investment decisions and stifling any prospect of economic recovery. He suggested a concrete timetable to reopen Hong Kong to ensure they can continue to attract talent to the city and businesses to invest here. The chamber said that more than two-and-a-half years of Covid-19 restrictions are taking a heavy toll on businesses and the economy, exacerbated by ongoing supply chain bottlenecks and the war in Ukraine.

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