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Hong Kong Expects Slowing Economic Growth as Tourism Slumps

  • Tsang targets 1-2% growth in 2016, economy 'laden with risks'
  • Nomura lowers H.K. growth estimates, sees risks to downside
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Hong Kong Forecasts Slowing Growth in 2016

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Hong Kong’s economy may grow at its slowest annual pace since at least 2012, as a slump in tourist arrivals and exports continues to worsen, Financial Secretary John Tsang said.

The economy may expand by 1 percent to 2 percent in 2016, slower than the 2.4 percent gain last year, Tsang told lawmakers on Wednesday in his annual budget speech. Gross domestic product growth advanced 0.2 percent in the fourth quarter from the preceding three months, below the 0.3 percent estimate of economists surveyed by Bloomberg.