Hong Kong GDP Outlook Lifted on China; Singapore Sees High Costs
- Economists expect Hong Kong’s economy to grow 3.4% y/y in 2023
- Singapore GDP forecast cut to 1.9% growth from 2.2% on prices
Hong Kong’s consumer price index is expected to rise 2.7% in the final quarter of 2023 from a year ago, according to economists.
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Hong Kong’s economy is likely to expand faster than initially thought as China’s reopening spurs activity, while rival financial hub Singapore is expected to continue contending with price pressures.
That’s according to the latest Bloomberg survey, in which economists raised their forecasts for Hong Kong’s gross domestic product growth, while lowering their expectations for Singapore.