Financial Secretary Paul Chan Mo-po is expecting that Hong Kong's economic growth for Q2 may not be satisfactory and interest rate hikes are expected to make economic recovery more challenging. Chan said that though the labour market has improved recently, the latest export figures to be released this week are not favourable due to weak global economies. Chan said the expected steep interest rate hikes by the US Federal Reserve and other major central banks around the world would not be conducive to economic recovery and may cause more volatility in the financial market. Chan reiterated that the city's public finances are robust and its risk monitoring mechanisms are appropriate and powerful enough for the situation.
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