Saturday, February 18, 2023

Government: The economy of Hong Kong declined by 3.5 percent in 2022.

The government of Hong Kong revealed on Wednesday that the city's GDP dropped by 3.5% in 2022, with exports plummeting and businesses being severely harmed by the city's worst-ever coronavirus outbreak. The government expressed hope that recovery would be sparked by China's reopening.

Large portions of Hong Kong's economy were shut down at the beginning of the year when the region experienced a wave of the extremely contagious Omicron variety and had one of the highest per capita Covid fatality rates in the world.

The government started loosening the severe pandemic restrictions that had isolated Hong Kong internationally and hurt its reputation as a financial center in September.

The fourth quarter of 2022 saw a 4.2% year-over-year decline in the gross domestic product (GDP), according to the preliminary numbers released yesterday.

A government official said in a statement that "domestic demand slackened, pressured initially by the (Omicron-fueled Covid wave) and later by tightened financial circumstances."

Due to the significant decline in the external environment and the interference with cross-border truck operations, total exports of commodities fell.

After pro-democracy demonstrations and the beginning of the pandemic rocked the former British colony, Hong Kong experienced a deepening recession in 2019 and 2020.

The economy recovered by 6.4% in 2021 as a result of the city's strong pandemic regulations, although those gains were later undone by the outbreak at the beginning of 2022.

According to a government spokeswoman, Hong Kong's services sector will gain from "an expected significant resurgence of incoming tourists" as a result of China's decision to reopen its borders in December.

The official stated, "A faster-than-anticipated expansion of the Mainland economy and the loosening of cross-border truck movement restrictions might provide some help (for exports of commodities)."

Hong Kong's economic growth in 2022 was mostly driven by an 8.1% annual increase in government spending.

The results show that private consumer spending fell by 1.1% from 2021 while exports and imports of goods plummeted by 13.9% and 13.1%, respectively.

Government: The economy of Hong Kong declined by 3.5 percent in 2022.

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Government: The economy of Hong Kong declined by 3.5 percent in 2022.