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Hong Kong’s full-year economic growth to be ‘weaker than expected’ – expert
The city’s GDP contracted by 1.3% QoQ in 2Q23.
After slipping back to contraction territory in 2Q23, experts believe Hong Kong’s full-year gross domestic product (GDP) will be weaker than expected.
UOB forecast that the city’s economy will grow 4.2% in 2023 which is at the lower end of the revised official forecast of 4.0% to 5.0%
For 3Q23 and 4Q23, UOB expects a 5.6% YoY and 6.9% YoY growth, respectively.
“While the near-term outlook remains challenging, we see more upside to Hong Kong’s outlook next year but are keeping our forecast at 2.5 per cent for 2024 for the time being,” said Stephen Li, head of Global Markets, Greater China at UOB.
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