HK will see 6.4pc growth says Chan

Hong Kong's economy is expected to grow by 6.4 percent for the whole year, Financial Secretary Paul Chan Mo-po said.

He also expects steady growth for this quarter, with the pandemic under control.

The financial hub grew its economy by 7 percent in the first three quarters this year and saw double-digit growth in export in October, Chan said, pointing out that the government's spending voucher scheme is supporting the retail market.

Speaking via a video link to a forum yesterday, Chan pointed out that some governments are reintroducing stricter anti-epidemic measures and entry restrictions to curb the spread of new Omicron Covid-19 variant, and this will continue to take a toll on the global supply chain.

He said that there is greater uncertainty in the fiscal and monetary policies of major economies with higher prices of energy and commodities pushing up inflation across the planet.

He said reopening the border with the mainland would be crucial for Hong Kong's economy in the coming year, and the government would strive for an orderly resumption of cross-border travel.

However, Hong Kong General Chamber of Commerce chief executive George Leung Siu-kay expected economic growth in Hong Kong next year would slow to two to three percent, in line with its mid-year forecast.