Hong Kong Growth Forecasts Slashed Into Next Year on China Slump [BNN Bloomberg (Canada)]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: BNN Bloomberg
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. For the fourth quarter of this year alone, the economy is expected to shrink 2.4%, far worse than the 2.9% expansion forecast in the previous survey. The downgrades reflect the numerous headwinds Hong Kong has been grappling with, including rising global and local interest rates, weakened trade, the city's slow emergence from years of pandemic isolation and China's own precarious economic situation. The cit
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