Hong Kong, China’s [1] economy and financial system remain resilient despite the pronounced deterioration of growth and employment conditions due to the COVID-19 pandemic. Solid macro fundamentals, labor market flexibility, high levels of foreign and fiscal reserves, and the banking system’s ample buffers have underpinned the resilience of the economy to severe strains.
Hong Kong’s[1] economy and financial system have remained resilient despite pressures from the U.S.-China tensions, the social unrest in the second half of 2019, and the COVID-19 pandemic.
Hong Kong’s economy and financial system have remained resilient notwithstanding external headwinds and recent socio-political tensions. Solid macroeconomic fundamentals, a sound financial system, ample fiscal reserves, and good governance have anchored macroeconomic and financial stability despite a sharp slowdown in growth.
Hong Kong’s growth in 2020 is expected to come in at -0.2 percent, with the lingering of domestic tensions and the effects of the COVID-19 outbreak.
AMRO staff met with top officials from the Hong Kong Monetary Authority (HKMA) during its Annual Consultation Visit to Hong Kong from July 29 to August 2, 2019. From left…
Elsewhere, virtual banking and open data might sound like buzzwords, but in Hong Kong, they are becoming a reality. Hong Kong has embarked on a journey of digital transformation in the financial services sector to safeguard its role as a leading global financial center.
Hong Kong’s economy is projected to grow strongly at 3.8 percent in 2018 and moderate to 2.7 percent in 2019 mainly due to weakening external demand and heightened external risks
Hong Kong’s economy is projected to grow strongly in 2018 but will moderate in 2019. The economy is now exposed to significant downside risks from external factors, which are shared globally, including an escalation of the U.S.-China trade conflict, a faster-than-expected pace of the Fed rate hike, and a sharper-than-expected growth slowdown in China.
The Hong Kong economy grew strongly in the first half of 2018 on the back of robust exports and buoyant private consumption, but external headwinds are intensifying from the China-US trade conflict.
Hong Kong’s economic growth strengthened in 2017 and the momentum is expected to continue in 2018, while policy normalization by major central banks will gradually increase domestic financing costs, according to the 2017 Annual Consultation Report on Hong Kong published by the ASEAN+3 Macroeconomic Research Office (AMRO) today.
