Hong Kong's economic growth slowed to 2.5% in 2024, primarily due to residents shifting their spending to neighboring Shenzhen. The city experienced a post-pandemic rebound in 2023 but lost momentum as China's economic slowdown deepened. The government warns of heightened uncertainties in 2025, citing potential trade wars and a strong Hong Kong dollar due to US interest rates.
cards interface. Give it a try. HONG KONG : Hong Kong 's economic growth slowed to 2.5 per cent in 2024 as residents increasingly look to spend elsewhere, the city's government said on Monday , warning that the year ahead will bring"heightened uncertainties".
"Private consumption expenditure recorded a slight decline, affected by the change in residents' consumption patterns," a government spokesperson said. Financial secretary Paul Chan predicted at the start of last year growth of up to 3.5 per cent, but revised down his estimate in November to 2.5 per cent.The government said it expected Hong Kong's economy to grow in 2025"despite heightened uncertainties in the external environment".
"They may also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer."
ECONOMY GROWTH HONG KONG CHINA TRADE
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