The economy in Hong Kong is back but the recovery seems to be inconsistent | Business and Economic Affairs
After gaining one-sixth of the stock, economic growth accelerated in the rise of foreign exchange even as consumption remained weak.
Hong Kong’s economy recorded more than a decade of growth in the first quarter, although recovery has not been the same as that driven mainly by exports and recovery due to poor consumer spending and slow vaccination.
After lowering its sixth-highest earnings ratio, global yields rose 7.8% from the previous year, which previously showed on Monday, beating all projections in the Bloomberg economic survey. The figures were slightly offset last year when the economy did not perform well, but quarter-on-quarter growth, which shows more growth, is also gaining ground.
Recent developments show a growing export sector but the utilization that remained. The city’s hotels and malls rely on tourist attractions, especially from tourists from the mainland, and the closure of the border has damaged those areas. Low vaccination is preventing the city from reopening and recovering from the epidemic.
“Having a large number of vaccines is essential for the borders to be opened between Hong Kong and China as well as between Hong Kong and other foreign countries,” said Iris Pang, chief economist at Greater China at ING Bank NV. “Without a doubt, economic activity is growing slowly.”
Hong Kong has been experiencing economic hardship for two years in its history, documenting the unprecedented events of 2019 and 2020 as the city battled political unrest, the collapse of US-China relations, and the Covid19 plague.
The economy has recently shown signs of recovery. Exports rose above HK $ 400 billion ($ 51.5 billion) for the first time in March while unemployment declined sharply since 2003 this month, down 17 years. Sales prices jumped 30% in February, the first increase in the rate since January 2019.
The government will announce the revised figures for the first quarter and its latest forecast for year-on-year growth on May 14. Finance Secretary Paul Chan says in the past the economy will grow 3.5% to 5.5% in 2021,
Citigroup Inc. expanded the show year-round by 2% to 6%, while financial analysts at Goldman Sachs Group Inc. raised to 9.2% from 4.6%.
However, economic activity is still lagging behind the economy as epidemics and operations continue to cost consumers and tourism, the government said in a report on Monday. While the importance of exports remains strong, “the resumption of tourism-related activities could be delayed in comparison with the severe epidemic that has plagued many parts of the world,” it said.
Raymond Yeung, chief financial officer at Greater China in Australia and New Zealand Banking Group Ltd. said: “The gradual relaxation of social norms is also reflected in household chores.” The government will continue to fight the disease. ”
