hong kong economic outlook 2020

Recent demonstrations in Hong Kong have had a severe impact on tourism and retail sales. The Government Economist, Mr Andrew Au, described the economic situation in the third quarter of 2020 and the latest GDP and price forecasts for 2020. major headwind for economic development in Hong Kong. The government has announced a new round of measures to boost the economy with the city set to record its first budget deficit in 15 years. The flow of tourists to Hong Kong came to an almost complete halt with the global coronavirus outbreak and … HONG KONG (Reuters) - Hong Kong cut its economic outlook for the year on Friday, saying a recovery from recession depended on how fast it can get a new wave … Such a rally, however, is contingent on a number of factors, including a revival in consumer and business confidence and government … ��&�!����ip�ʉ�x����-xqs7����z��:z��:��:BCr�:��:�[0����X�����(š:�Bd�'�bK#��s݌-���S��@%B xtY���-O�����M��U���ftᏭ�\���Q������m�`k޽J���Qn_���;��Ʊ�+`��;�qy�G�)Z��`�Q �L /��,e�~���8���+�Ea(FT¨�<9*��F9;g�k���xx�[6Z��.��K���Z0�(�T�d� b���k=Y#�P#i�2>Y#���3��s5? We estimate the overall peak-to-trough global GDP contraction was around 9% in the first half of 2020. July 31, 2020. Considering the robust real GDP outturn in the first half of the year and the support from the Consumption Voucher Scheme, the real GDP growth forecast for 2021 as a whole is revised upwards to 5.5%-6.5%. Investment involves risk. none (Special Administrative Region of China); Hong Kong Economic and Trade Office (HKETO) carries out normal liaison activities and communication with the US … Found insideHong Kong in the Shadow of China is a reflection on the recent political turmoil in Hong Kong during which the Chinese government insisted on gradual movement toward electoral democracy and hundreds of thousands of protesters occupied major ... Found inside – Page 132... Indonesia Malaysia Philippines Singapore Thailand Southeast Asia average B-S-J-Z (China) Hong Kong (China)* Macao (China) Chinese Taipei OECD average Brunei Darussalam Indonesia Malaysia Philippines Singapore Thailand Southeast Asia ... Looking ahead. The Hong Kong economy contracted by … Found inside – Page 33Urban Health, Data Technology and Political Economy Zaheer Allam ... Law V. (2020) Hong Kong Medical Workers Strike to Demand Total Border Closure. ... (2020) Singapore Downgrades 2020 Economic Forecast Amid Coronavirus Outbreak. August 4, 2021 Looking ahead, the labour market should continue to improve along with the economic recovery. How are central banks around the world grappling with fast-changing technology? The Government will continue to monitor the situation closely. Economic Outlook 2020: Big Tech, Trade, and the Future of the Economy. Economic News. Found inside – Page 75Foreign Affairs 88, no. 2, 33–48. InvesTaiwan, Ministry of Economic Affairs, R. O. C. (Taiwan). 2020. 'Three Major Programs for ... and Democratization in Taiwan and Hong Kong in the Shadow of China,' The ASAN Forum, December 20, 2019, ... Hong Kong’s Recent Economic Situation and Near-term Outlook Introduction This paper analyses the latest development of the Hong Kong economy, and briefly discusses the outlook for the rest of 2020, and provides updated economic forecasts by the Government for 2020 as a whole. Hong Kong continues to have solid public finances with almost non-existent public debt (0.9% of GDP in 2021). 2020 Mid-Year Outlook: U.S. Stocks and Economy ... National Bureau of Economic Research (NBER), as of 6/12/2020. 2020 Economic Outlook Looking … Hong Kong Banking Sector: Hong Kong Monetary Authority . Outline . The Hong Kong economy recovered visibly in the first quarter of 2021, with real GDP resuming appreciable year-on-year growth of 7.9%, led by very strong growth of exports of goods. Hong Kong’s Recent Economic Situation and Near-term Outlook. Found insideThis Interim Report provides updates for G20 country projections made in the November 2019 issue of OECD Economic Outlook (Number 106). Latest situation However, the economic and labour market outlook is still subject to uncertainty, mainly stemming from the spread of more infectious COVID-19 variants in many places around the world. The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces. 2 0 obj Found insideThe OECD Digital Economy Outlook examines and documents the evolutions and emerging opportunities and challenges in the digital economy. The contents of this document have not been reviewed by the Securities and Futures Commission in Hong Kong. Found inside... due to the outbreak of COVID-19, and increased uncertainty in the regional economic outlook. Hong Kong, China saw the largest declines in 10-year and 2-year government bond yields at 77 and 51 basis points (bps), respectively. statistics. Under the triple negative factors of Sino-US trade frictions, global economic slowdown, and local social incidents, Hong Kong’s economy experienced a negative growth in 2019, for the first time since the Global Financial Crisis.Going into 2020, the rapid propagation of the COVID-19 made Hong Kong's economy worse, with following important characteristics: <> Main … On the domestic front, the improving labour market, coupled with the boost from the Consumption Voucher Scheme, will help stimulate consumption sentiment and lend support to consumption-related sectors. Booth’s Economic Outlook on “Big Tech, Trade, and the Future of the Economy” took place in Hong Kong on January 15, 2020. Hong Kong’s Recent Economic Situation and Near-term Outlook The Government released the First Quarter Economic Report 2020 on 15 May. Today, under Xi Jinping’s leadership, there is much lip-service paid to the ideology of the communist past. Looking ahead, the electronic consumption vouchers that the Government began to disburse in August have helped stimulate consumption sentiment and will render support to the retail business in the rest of the year. 1. The social unrest arising from the Extradition bill was regarded as the major cause for the economic … Found inside – Page 59Demand for ASEAN's goods has softened in other major East Asian economies, namely Hong Kong, China; Japan and Korea, as well as in the European Union. Notable variations emerge within ASEAN. The decline in exports appears to be mending ... Economic Outlook 2020: Big Tech, Trade, and the Future of the Economy. Hong Kong: Inflation falls to lowest level since March in June July 22, 2021 Consumer prices were flat over the previous month in June, coming in below May's 0.20% … For 2020, Fitch forecasts the Hong Kong economy to shrink by 5%. “It’s important to remember that the Covid-19 pandemic is inflicting economic shocks and reverberations across all of the world,” said Fennell. 4 0 obj 2.16 With some easing of US-Mainland trade tensionsand the modest boost from the accommodative moves by major central banks, the global economy has shown signs of stabilisation towards the end of 2019. The Government released the Third Quarter Economic Report 2019 on 15 November. Yet the economic recovery remained uneven, with exports of goods surpassing the high recorded in the same period of 2018 by a considerable margin while inbound tourism remaining frozen. Looking ahead, the reviving external demand should continue to support Hong Kong’s exports of goods in the rest of the year, and services exports should likewise sustain growth. For 2020, Fitch forecasts the Hong Kong economy to shrink by 5%. Pressures on major CPI components remained modest. Found inside – Page 12Global Growth The slowdown in global growth since 2017 and the projected pick up in 2020 reflects a major downturn and ... Note: NIEs = newly industrialized Asian economies (Hong Kong SAR, Korea, Macao SAR, Singapore, Taiwan Province of ... Hong Kong’s economy will contract by around -8% in 2020 at the same time as unemployment rates have reached the highest in fifteen years, reaching almost 6%. The Government will continue to monitor the situation closely. Latest situation This page has economic forecasts for Hong Kong including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Hong Kong economy. Consumer prices fell a seasonally-adjusted 0.10% over the previous month in July, coming in below June's flat result. What does the shift mean for the global economy, regulations, and markets? Consumer prices fell a seasonally-adjusted 0.10% over the … Asia, blessed with the huge growth potential of the emerging market economies especially the Link to press release of Gross Domestic Product, Link to press release of external merchandise trade statistics, Link to press release of volume and price statistics of external merchandise trade, Link to press release of Consumer Price Indices, Link to press release of unemployment and underemployment statistics, Link to press release of employment and vacancies statistics, Link to press release of wage and payroll statistics, Link to press release of retail sales statistics, Link to press release of Mid-year population for 2021, Link to press release of annual survey of companies in Hong Kong with parent companies located Hong Kong’s economy … Vanguard 2020 economic and market outlook: The new age of uncertainty ... Vanguard Hong Kong is licensed with the Securities and Futures Commission (“SFC”). Hong Kong is expected to retain its position as one of the world's top three centers for IPOs in 2020, helping issuers raise as much as €30 billion ($33.5 … The loss of tourism and consumption spending in response … The … Banking Sector in 2019 . The investment group expects Hong Kong GDP to contract by 1.2 per cent this year, narrowing the contraction to 0.4 per cent in 2020. Post By Leakna ; January 22, 2021 ... January 22, 2021; Hong Kong (CNN Business) Tesla has begun rolling out locally made Model Y crossover vehicles in Chin... China's 2020 FDI hits record high amid recovering economy. Found insideFrance; Germany; Greece; Hong Kong SAR, China; Iceland; Ireland; Israel; Italy; Japan; the Republic of Korea; Latvia; Lithuania; Luxembourg; Malta; Netherlands; New Zealand; Norway; Portugal; Singapore; the Slovak Republic; Slovenia; ... Phakawa Jeasakul. Found insideThe series will present the insights of prominent East Asian analysts and draw conclusions about complementarities or divergences that may exist. Those insights, in tum, will serve in the aggregate as the basis for a richer, cross- The labour market improved further as the economy stayed on track for recovery. Looking ahead, while the continued economic recovery and rising import prices may entail some upward pressures on prices, the underlying inflation should remain largely contained in the near term as the local economy is still operating below capacity. Found inside – Page 47... Projections Projections Projections Projections 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 Asia ... 1.5 1.1 1.2 11.6 11.4 10.7 3.8 3.7 3.7 Singapore 3.2 2.3 2.4 0.4 1.3 1.4 17.7 17.6 17.1 2.1 2.0 Hong Kong SAR 3.0 ... The economy will emerge from recession in 2021, but will be … Read more. %PDF-1.5 Booth’s Economic Outlook on “Big Tech, Trade, and the Future of the Economy” took place in Hong Kong on January 15, 2020. The slowdown was predominately driven by a weaker external sector as export growth tapered and import growth strengthened. Latest situation The Hong Kong economy remained on track for The number of tourists arriving in March from mainland China (about 80% of all tourists) was just 30,000 (compared to 4.5 million in March 2019). ... Join Booth professors Randall S. Kroszner and Brent Neiman along with Yue Chim Richard Wong for Economic Outlook 2020 in Hong Kong to discuss the state of the global economy and gain insights into the year ahead. 1 0 obj Outlook for the Hong Kong economy in 2 020 2.16 - 2.20 Medium-term outlook for the Hong Kong economy 2.21 - 2.29 Box 2.1 Inflation outlook of Hong Kong’s major import sources for 2020 Box 2.2 Medium-term growth outlook of major economies CHAPTER 3 … endobj Found inside – Page 357Government of the Hong Kong Special Administrative Region, “Economic situation in the Third Quarter of 2020 and Latest GDP and Price Forecasts for 2020”, press release, Hong Kong, 13 November 2020, ... Hong Kong: Inflation comes in at highest level since August 2016 in July. Heading into next year, CLSA has a … Nevertheless, the recent surge in the Delta variant cases around the world poses a threat to the global economy. Found inside359 Statistics Department, Hong Kong). Hong Kong recorded HK$488 billion in income inflows in 2018 from its HK$5,823 billion of investments in China. This compared to HK$10 ... IMF World Economic Outlook Database, April 2020. ibid. Otherwise, unemployment rate in Hong Kong could be at around 4% level. recently, cutting the labor force by around 30,000. Recent economic … Hong Kong’s economy, supported by healthy … Found inside – Page 216Arrivals from Australia are expected to start to increase from 2018, but will not recover to their 2015 level by 2020. SUMMARY AND CONCLUSIONS This study analyses and forecasts tourism demand in Hong Kong. Looking ahead, the on-going global economic recovery should remain supportive to Hong Kong’s export performance in the near term. 3 0 obj 1. Hong Kong’s economic growth slows down as border control remains The city’s GDP expanded by 7.5% in the second quarter from 7.9% previously. The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. Hong Kong Economic Outlook. Resident Representative for Peoples Republic of China Hong Kong Special Administrative Region. 2019 Economic … To strengthen the foundation for continued recovery in the economy and further improvement in the labour market, it is essential for the community to strive together towards more widespread vaccination. Underlying political tensions will diminish Hong Kong's … With no hope of an imminent external-sector recovery, we recently lowered our 2020 GDP growth forecast for Hong Kong to -4.8 per cent from -2.4 per cent, our second … In 2022, the panel sees growth moderating to 2.9%. 5 years of Hong Kong economic forecasts for more than 30 economic indicators. This page has economic forecasts for Hong Kong including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Hong Kong economy. Latest situation Breaking News; Hong Kong virus outbreak weakens economic outlook. 0 The underemployment rate also decreased slightly from 2.5% to 2.4%. <> Found insideThe April 2011 edition of the World Economic Outlook assesses the global prospects for economic growth in the face of policy challenges that remain unaddressed and new challenges now coming to the fore.The recovery is gaining strength, but ... The economy will emerge from recession in 2021, but will be smaller in real terms than it was in 2018. Hong Kong’s Recent Economic Situation and Near-term Outlook Introduction This paper analyses the latest development of the Hong Kong economy and provides some preliminary analysis on the outlook for 2020. 2. 2020 Economic Review. Vanguard 2020 economic and market outlook: The new age of uncertainty ... Vanguard Hong Kong is licensed with the Securities and Futures Commission (“SFC”). The underlying consumer price inflation rate rose to 1.0% in July, mainly reflecting a low base of comparison a year earlier caused by the third wave of local epidemic and the extra MTR fare discount. The coming collapse of China is always coming, never arriving. Thomas Orlik, a veteran of more than a decade in Beijing, turns the spotlight on China's fragile fundamentals, and resources for resilience. The Hong Kong economy remained on track for recovery in the second quarter of 2021, with real GDP continuing to grow notably by 7.6% over a year earlier alongside the improving global economic conditions and receding local epidemic. Yet, large structural vulnerabilities remain and new ones have emerged. Many of these are linked to countries' transition to higher income and development levels. Recent economic situation 2. The Economic Report, together with the press release containing the updated economic forecasts for the whole year of 2020, have been furnished to Members of the Legislative Council. This page has economic forecasts for Hong Kong including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and … Yet, it is essential for the community to keep the epidemic under control and strive towards more widespread vaccination, so as to strengthen the foundation for continued recovery of the retail sector and the overall economy. Found insideAccording to the IMF's World Economic Outlook April 2020, the output of advanced economies, which grew by 1.7% in 2019, ... The growth figures for Hong Kong, China are –1.2% in 2019 and a projected – 3.3% in 2020 and 3.5% in 2021. 2019 Economic Background and 2020 Prospects (extracts) 1. Then the COVID-19 pandemic hit, upending financial markets and the global economy. The Consumption Voucher Scheme will also help. ... rise in the unemployment rate still has some way to go," Standard Chartered said in a research note … GDP growth lost some momentum in Q2, after hitting an over 10-year high in Q1. August 19, 2021. endobj The Hong Kong economy shrank by 1 % last year. The second part consists of a special thematic chapter addressing a major issue facing the region. The 2020 edition of the Outlook looks at human capital development, with a special focus on education for the digital era. Found inside – Page 35... -1.0 Commodity producers Rest of the world -10 ExportsImportsExportsImportsExportsImportsExportsImports -1.5 2015 2016 2017 2018 2019 2020 2021 2022 Note: Dynamic Asian Economies include Hong-Kong (China), Malaysia, the Philippines, ... x��[Io7���1) ��H���h�q�C���8n��T=�ߗ�%�#�&4��-������������-X,��������O����������n��n��]m��������֞���������Wk��t� �JI��CJ�bj��L'���t2�`�����tboF ��@!%�_�]��Kp��y1�u�T��z:����.�N.��~�N,��.ޮ��`��~���Z�zs�}����jAE� Found inside – Page 14The causes of the younger generation's economic, social, and political stresses deserve careful analyses and constructive remedies. ... to witness that the movement has gravely damaged Hong Kong's economy and dimmed its future outlook. 2020 Economic Background and 2021 Prospects (extracts) 6 2.20 In sum, the Hong Kong economy is expected to resume growth in 2021, but the breadth and strength of the … Mainland China to Lead Recovery. Hong Kong’s Recent Economic Situation and Near-term Outlook The Government released the Third Quarter Economic Report 2020 on 13 November. 2020 Economic Background and 2021 Prospects (extracts) 1 Outlook for the Hong Kong economy in 2021 2.16 The global economy started to recove r in the second half of 2020, but its recovery path going forward will hinge crucially on the development of the pandemic. While this should provide Found insideIn 2019 and 2020 Hong Kong's economy was hit by a triple whammy: the US-China trade war, six months of almost daily and increasingly violent antigovernment ... The government forecast a contraction of 6 to 8 percent for the year. A Government spokesman said that, helped by the continued revival of global demand, the value of merchandise exports expanded notably by 26.9% in July over a year earlier, similar to the growth pace recorded for the second quarter. With a slowing down economy, communist propaganda and nationalist fervour are Xi’s attempts at distraction from China’s reality, writes Niranjan Sahoo. Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. For the first seven months of 2021 as a whole, total merchandise trade value amounted to $5,616.8 billion, surpassing the high in the same period in 2018 by 13.1%. ]��gT�XZ��W�b�b~�CÆ���yi��35�I�.�ΰ���>��|R. The Hong Kong economy is forecast to rebound slightly in 2020 with annual GDP growth at around 1%. "It's important to remember that the Covid-19 pandemic is inflicting economic shocks and … According to the IMF, the global economy will have contracted by 4.4% by the end of 2020, the worst outcome since the 2009 financial crisis.In 2021, however, global economic growth is expected to rebound to 5.2%. stream to press release of Hong Kong's balance of payments and international investment position %���� The raging epidemic situations in a number of major advanced Exports to the Mainland, the US and the EU all increased markedly, and those to many other Asian markets also saw visible expansions. <>>> The Economic Report … This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's ... 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