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Bloomberg
Hong Kong’s economy will grow next year at a slower pace than previously expected, according to economists, as the city struggles to dig itself out of what’s likely to be a deep contraction in 2022.
Gross domestic product is projected to grow 2.7% in 2023 from this year, according to the median forecast in a the latest Bloomberg survey of economists. That’s down from a prior estimate in an August poll of 3.5% growth.
The revision comes as economists also slashed their expectations for 2022. GDP is now expected to decline 3% this year, substantially lower than the last survey which saw it remaining unchanged. The new forecast is roughly in line with the government’s revised estimate issued last week, when officials said they expect a 3.2% contraction from a year earlier.