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Singapore Vs. Hong Kong: Covid Strategies Push Rivals Further Apart

  • Tough curbs are making Hong Kong less attractive to businesses
  • Bloomberg Economics data show a city slowly losing its edge
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Hong Kong Faces China's Worst Outbreak

In pursuit of a tough Covid Zero strategy to fight its worst ever coronavirus outbreak, Hong Kong is ceding ground to Singapore, a rival Asian financial and transport hub that’s been easing pandemic-linked restrictions to get its economy back on track.

Key data compiled by Bloomberg Economics economists Tamara Mast Henderson and Eric Zhu show that some businesses, weary of stringent quarantine rules and the inability to travel freely, have been shifting to Singapore. The analysts have cut their economic growth forecast for Hong Kong by 0.6 percentage point to 1.4% this year, and expect Singapore’s gross domestic product to grow 4.7%.