Macro - Country Economic Forecasts - Hong Kong SAR
We maintain our forecast for Hong Kong's GDP to contract 0.8% this year, reflecting the impact of the Covid outbreak in H1 and a worsening external environment driven by sharply tightening global financial conditions. However, we still look for growth to rebound to 4% in 2023 after a dismal performance this year, as we anticipate a further economic reopening of the city to the world as well as some improvements in activity conditions in mainland China. That said, risks to our growth forecasts are to the downside amid external headwinds.
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