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Hong Kong's economy forecast to grow by 4.7% in 2023


Hong Kong's economy is poised for a 4.7% growth this year, backed by government fiscal policies, significant foreign exchange reserves, and a robust banking system, as reported by the ASEAN +3 Macroeconomic Research Office (AMRO). The growth spike in the first half was fueled by domestic spending and a resurgence in tourism following the mainland's reopening. Further growth in 2023 and 2024 is anticipated due to resumed cross-border travel and specific fiscal support. While inflation may rise due to economic recovery and a tightening job market, it's likely to stay moderate. However, AMRO cautioned about potential risks from the global trade downturn, US interest rate increases, a tough property market outlook, and a shaky economic recovery in mainland China.

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