Hong Kong Lowers 2023 GDP Expectations as Recovery Sputters
- 2023 GDP expected to expand 3.2%, lowered from range of 4%-5%
- Tourism and private consumption continue to support growth
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Hong Kong lowered its economic growth forecast for this year in a sign that tough times are still ahead for the financial hub amid a muted post-pandemic recovery.
Gross domestic product is expected to expand 3.2% in 2023, the Census and Statistics Department said Friday. That compares with a previous prediction that the economy would grow in a range of 4% to 5%, itself a narrowing of an earlier forecast.