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Wednesday, May 25, 2022

Hong Kong cuts economic forecast after first-quarter GDP shrinks 4 per cent

Hong Kong cuts economic forecast after first-quarter GDP shrinks 4 per cent

Combined effects of slower global demand, disruptions in cross-border trade and the pandemic took their toll on city, government economist says.
The Hong Kong government has downgraded its full-year forecast for the city’s economic growth to 1-2 per cent for 2022 from 2-3.5 per cent previously, reflecting the havoc caused by the fifth wave of coronavirus cases in the first quarter.

Conceding the overall performance was worse than expected, government economist Adolph Leung Wing-sing on Friday said gross domestic product shrank 4 per cent year on year in the first quarter under the combined effects of slower global demand, disruptions in cross-border trade and the pandemic.
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