Economics
Hong Kong’s Economy Seen Contracting in 2022 as GDP Slumps
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Economists downgraded their forecasts for Hong Kong’s economy, predicting it could contract for the third time in four years, after data Monday showed growth is being weighed down by Covid restrictions and a slump in trade.
Goldman Sachs Group Inc. expects gross domestic product to decline 0.5% in 2022, down from an earlier prediction of 0.3% growth. Bloomberg Economics now sees GDP shrinking 0.6% compared with a previous projection of 0.7% expansion. The downgrades follow Monday’s worse-than-expected data showing the economy contracted 1.4% in the second quarter from a year earlier.