Hong Kong financial chief revises down this year's GDP growth to more than 3%

HONG Kong Financial Secretary Paul Chan said on Tuesday (Nov 7) he expects economic growth of more than 3 per cent this year, just three months after the city updated its expectations for 2023.

In August, the government revised its growth forecast for the full year to a range of 4.0 per cent to 5.0 per cent from 3.5 per cent-5.5 per cent.

Chan delivered the new prediction at the Hong Kong Monetary Authority’s Global Financial Leaders Investment Summit, where some of the world’s largest banking and asset management bosses have gathered.

“This year, despite the external headwinds, very complex and changing circumstances, we expect our GDP growth to be over 3 per cent,” Chan said.

“Well, it is a little slower than what we would like to see. But this recovery effort is sustaining,” Chan said.

Hong Kong’s economic growth accelerated in the third quarter to 4.1 per cent from a year earlier with the support of inbound tourism and private consumption.

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But the government has also warned that a “difficult external environment” amid geopolitical tensions and tight financial conditions will weigh on Hong Kong’s economic fortunes. REUTERS