Macroeconomic Forecast Hong Kong

With global economic headwinds continuing to gather at an alarming pace, Hong Kong's economy looks set to be buffeted more violently than initially anticipated. In particular, we are worried about faltering exports continuing to drag on GDP growth. Recent data showed that Hong Kong's exports fell by a dismal 11.4% y-o-y in December, significantly deteriorating from the already bad 5.3% decline witnessed in November. Unsurprisingly, the decline was reflected in all of Hong Kong's major trading partners, with exports to the US and China showing double-digit declines.

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