Accountants cap growth at 3pc in 2024

Thirty-six percent of Hong Kong-based accounting and finance professionals anticipate that the city's economic growth will be less than 3 percent next year, according to a CPA Australia survey.

CPA Australia's 2023 divisional president for Greater China Robert Lui noted that government policies are aiding Hong Kong's resurgence, but cautioned that global uncertainties, including cyclical and structural factors and geopolitical tensions, could potentially dampen demand and economic growth next year.

CPA's Hong Kong economic and business sentiment survey for 2024 in November gathered 208 responses from accounting and finance professionals across different industries.

Faced with headwinds, companies in Hong Kong have become more cautious about their business outlook, with only 68 percent anticipating revenue growth or stability for the upcoming year, down from 73 percent this year.

The foremost anticipated challenge for businesses is weak customer demand next year, surpassing talent shortages as the primary obstacle, with increasing operational costs ranking third among the hurdles companies will encounter.

Nearly 40 percent of companies in Hong Kong are prioritizing cost management as their primary strategy, with many larger firms also considering additional layoffs.