Economy expected to fully revive in Q4 or next year, says commerce minister Algernon Yau

Hong Kong will have to wait until the fourth quarter or next year before the economy fully revives, Secretary for Commerce and Economic Development Algernon Yau Ying-wah predicted. 

When speaking to RTHK, Yau noted that the city’s export has dropped due to global economic situations, supply chain issues, and geopolitical disputes. 

“As said by the financial secretary previously, the revival of Hong Kong’s economy will have to depend on the domestic market and tourism services. I believe [the revival] will take a long time, and we should be seeing some progress starting from the fourth quarter or next year,” Yau said. 

When asked about Hong Kong’s ranking dropping by two places to seventh in the 2023 World Competitiveness Yearbook, the commerce chief said the data might not be accurate as many businesses and activities stopped during the Covid era. 

“We are also working hard to develop new economies, including [markets in] the Middle East, Central Asia, and the Association of Southeast Asian Nations. I believe under these competitive conditions, our ranking will regain its original position. 

“Many foreign enterprises are interested in developing their businesses in Hong Kong, which also provides opportunities in the Greater Bay Area. 

“Although many media outlets wrongly reported on Hong Kong’s situation, I have explained the city’s actual situation to overseas commerce chambers during my visits. 

“Hong Kong has fully resumed normalcy after the Covid era,” Yau also said, adding that it is safe to invest in the SAR.