Hong Kong’s Growth Forecast Cut by DBS, UOB After GDP Plunge
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DBS Group Holdings Ltd. and United Overseas Bank Ltd downgraded their full-year growth forecasts for Hong Kong after the economy shrank more than expected in the first quarter because of Covid curbs.
DBS cut its 2022 forecast to 1.7% from 2.4%, citing global supply chain disruptions, the “dwindling pace” of the labor force and rising interest rates that will hamper investment recovery. UOB shaved its prediction to around 1.3% from 1.7%.