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Wednesday, October 8, 2014
HONG KONG GROWTH FORECAST
HONG KONG STANDARD
HKU forecasts slower growth
Thursday, October 09, 2014
The University of Hong Kong yesterday downgraded its forecast for
the SAR's economic growth this year, citing economic woes in the mainland and
the US amid widespread expectations of interest rate hikes.
Hong Kong's gross domestic product is now expected to grow by 2.2 percent in
2014 from the previous forecast of 3.4 percent, the university's Institute of
Economics and Business Strategy said.
Ongoing pro-democracy protests are likely to hurt local consumption, tourism
and foreign investment if they are prolonged, the institute warned. If they last
for a month, retail sales and tourist numbers may slide by 10 percent, said Wong
Ka- fu, principal lecturer of economics at HKU.
Economic growth could be reduced
by 0.4 percentage points, along with personal consumption falling 0.1 percentage
point and jobless numbers rising 0.1 percentage point,Wong said.
But he noted the SAR remained an attractive destination for foreign capital
thanks to its healthy legal system and local businesses being flexible to
The institute expects Hong Kong to grow by 2.1 percent in the fourth quarter
after the local economy expanded by 2.4 percent in the July-September period.
Retail sales are seen slipping 2 percent in the fourth quarter due to lower
spending by visitors and weaker local demand. Private consumption is projected
to grow by 1.7 percent in the October to December period. JENNIFER LI