Hong Kong's GDP shrinks 1.4% in Q2 2022, recovery seen slow

'Looking ahead, the worsening global economic prospects will continue to weigh on Hong Kong's export performance in the remainder of the year,' the city government says.

contracted 1.4% in the second quarter from the same period a year earlier, advance government data showed on Monday, August 1, as exports and investments remained sluggish, and COVID-19 weighed on a wide range of economic activity.

“Looking ahead, the worsening global economic prospects will continue to weigh on Hong Kong’s export performance in the remainder of the year,” the city government said in a statement, adding that external trade may get some relief if COVID-19 restrictions on movements across the land border with the“Domestically, economic activities are likely to show further revival in the rest of the year, but the extent will depend on how the local epidemic evolves and how the tighter financial conditions...

“The current adjustment in border control will not be enough to bring the economy back to its normal trajectory,” Ng said.

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