Hong Kong cuts annual GDP forecast on global headwinds

Revised data confirm financial hub slipped into recession again

20220812.HKGDP.JPG

Scores of restaurants and other businesses have closed as Hong Kong's strict COVID rules kept crowds away.  © Reuters

PAK YIU, Nikkei staff writer

HONG KONG -- Hong Kong on Friday cut its growth forecast for the year to between -0.5% and 0.5%, citing pandemic headwinds and a weakening global outlook as the city maintains strict COVID-19 restrictions that hurt the economy.

The new forecast was down from an earlier 1% to 2% range announced in May, while revised data also published Friday confirmed that the city slipped into recession in the quarter ended June with a 1.3% contraction. The economy declined 3.9% in the first three months of the year.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.