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Hong Kong GDP growth forecast downgraded

Hong Kong's Financial Secretary Paul Chan Mo-po has indicated the city’s economic growth for the year may fall short of initial estimates due to various challenges. The third quarter saw a disappointing GDP rise of 4.1%, below the 5.2% forecast by analysts. Despite being an improvement from the second quarter's 1.5% increase, it has led officials to adjust the full-year growth forecast to below the early prediction of 3.5-5.5%. The forthcoming revised projection is expected to hover around 4%, aligning with economists' expectations. Chan cited weak external sentiment, high interest rates, and market volatility as factors dampening the recovery of local consumption. However, he remains hopeful that inbound tourism and private consumption, bolstered by government support and rising household income, will fuel growth in the fourth quarter.


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