Hong Kong’s economy is coming back stronger this year and may even grow faster than rival financial hub Singapore for the first time in more than a decade.
Economists are upgrading their forecasts for Hong Kong this year as the city accelerates its reopening with mainland China and the rest of the world. The median estimate in a Bloomberg survey of 12 economists last week was 3.3% growth for 2023, higher than the 2.7% forecast in a survey of 25 economists in November.
The mainland border reopening has been cautious so far. with officials implementing a 60,000-person cap per day. But the gradual pace of recovery may give way to a stronger showing in the final six months of the year. Growth in trade-reliant Singapore is projected to level off this year as the US and Europe head for likely recessions, with the most recent estimate in a Bloomberg survey showing the city state will expand 2%. If Hong Kong grows at a faster pace than that, it would surpass Singapore for the first time since 2008.
While Lim of Moody’s said the government will likely unveil a smaller fiscal support package this year than it did in 2022, he added that"it will remain expansionary as the authorities seek to jump-start the flailing economy.”
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