Email: RR-HKG@IMF.ORG. Projections by IMF. Hong Kong economy set to grow about 6.5 per cent in 2021 but not all workers benefiting, financial chief says City should hit upper end of projected range of expansion but average wage has fallen. Hong Kong - Market Profiles - Data and Profiles | HKTDC ...People's Republic of China Hong Kong Special ...Hong Kong GDP Growth 2021 - StatisticsTimes.com Hong Kong gdp $341B gdp growth 3.8% gdp per capita $46,200 trade balance/gdp 4.3% population 7.2M unemployment 3.1% inflation 1.5% As of December 2018 Hong Kong has a free market economy, highly. Hong Kong's economy enjoyed a strong start to 2017, with official data confirming the earlier survey signs of faster growth. Due to their rapid economic growth these countries has been referred to as Asia's "Four Little Dragons" (Tega, 2007). Another major economic consideration for both Hong Kong and Singapore is government established property rights. This expansion was the highest in four years and above the average annual growth rate of 4.8% of the past 20 years. GDP growth (annual %) - Hong Kong SAR, China. Neil Monnery 30 June 2017. Section 9 is a discussion of how these linkages between the economies and the China factor may change in the near future. More than a third of Hong Kong firms to step up hiring, almost 60 per cent to increase pay, CPA Australia survey finds Measures to combat Covid-19 and stimulate the economy have bolstered the. y The take-off of the Hong Kong economy took place in the 1970s, with annual economic growth (measured by the growth of GDP in real terms) averaged at 8.9%. The economy of Hong Kong advanced 0.1 percent quarter-over-quarter in the July-September period of 2021, returning to growth after a 0.9 percent contraction in the second quarter, in line with early estimates. Underlying political tensions will diminish Hong Kong's status as an international business hub for non-Chinese firms. This achievement has been one of private enterprise operating within a free market economy. Hong Kong gnp for 2017 was $342.87B, a 8.76% increase from 2016. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. School of Business, Hong Kong Baptist University, Kowloon Tong, Hong Kong. The survey found that the majority of young people in Hong Kong agree that Hong Kong's existing industries are homogeneous in nature and that the economy is overly dependent on the financial and . Economy in mainland China. Same region. Hong Kong's economy expanded by 7.6% year-on-year in real terms in the second quarter of 2021, after an increase of 8.0% (year-on-year) in the preceding quarter. Latest situation Hong Kong's economic recovery became more entrenched in the third quarter, with real GDP expanding further by 5.4% year-on-year alongside the continued revival of global economic activity and stable local epidemic situation. Otto Kolbl. Hong Kong will likely remain an important gateway between mainland China and the rest of the world even though its economic growth contribution to China has diminished through the years. No official estimates have ever been made of the industrial output, but pri-2See Hong Kong Government, Hong Kong 1963, pp. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. According to GuideMeHongKong.com (2010), Hong Kong is the world's second best country for opening a business. to Hong Kong's growth since 1979. Hong Kong Export Outlook for 2022: Moderate Growth Amid Lingering Risks from Covid-19 and Growing Threats. Hong Kong's industry was founded in the textile sector in the 1950s before gradually diversifying in the 1960s to clothing, electronics, plastics and other labor-intensive production mainly for export. Many new companies and trading areas opened up while the colony grew through the industrial revolution. Section 9 is a discussion of how these linkages between the economies and the China factor may change in the near future. The economic recovery will continue in 2022, but the economy will be smaller in annual real terms than it was in 2018. Hong Kong Economic Growth GDP should grow in 2021 after two years of declining output, as stronger activity at home and abroad spurs private spending and external demand. This paper aims to examine the different factors behind the economic growth of . According to the Credit Suisse Investment Outlook 2022, the global economy is expected to grow by 4.3%. % of GDP 26.7 16.1 5.3 Source: Hong Kong Census and Statistics Department In the first half of 2010, however, Hong Kong staged a brisk recovery. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol . While the US was able to record barely 2.8% growth, Hong Kong delivered 7.2%. Concluding remarks are provided in the last section. The economics ministry reported that gross domestic product rose 0.7% in the first three months of the year, taking the annual growth rate up to 4.3%, its fastest since the second quarter of 2011. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models. 3Y. Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. y The 1980s was the period of consolidation of the economic development of Hong Kong, with an average annual economic . Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. The paper is intended to arouse public interest, provoke discussion and encourage exploration of different options and most importantly, to revitalise Hong Kong's economy. America's services exports to Hong Kong in 2018 were $12.8 billion. GDP growth of accommodation and food services in Hong Kong 2013-2020. Hong Kong's economy maintains a steady recovery and is expected to record an economic growth of around 6.5 percent this year, said Paul Chan, financial secretary of the Hong Kong Special . Hong Xiao, Economist. Hong Kong's economy has been increased by 5.4 percent in real terms over a year earlier in the third quarter of 2021, according to the advance estimates data released on Monday by the special administrative region government's Census and Statistics Department. Line Bar Map. . Sustainable economic growth is a major policy target of many governments over the world; Hong Kong also has no exception after its sovereignty handover on 1 st July 1997. ing, Hong Kong's industries have advanced on a broad, diversified front. Considering the latest internal and external situations as well as the stimulus effect of the fiscal measures, the real GDP growth forecast for 2021 as a whole is 5.5% - 6.5%. Resident Representative for Peoples Republic of China Hong Kong Special Administrative Region. That compares with . Hong Kong's economy grew at a much weaker pace than expected in the second quarter, hurt by the US-China trade war and a global slowdown. Rapid economic growth in Hong Kong began with its economic transformation from an entrepdt to an industrial city in the 1950s. Hong Kong exports . Hong Kong started to be filled with merchants and ship building companies as well as banks. Hong Kong's economic growth to approach 6.5% in 2021, financial secretary says By Global Times Published: Oct 31, 2021 08:03 PM Photo taken on July 14, 2020 shows the Golden Bauhinia Square in . Meanwhile, GDP growth in mainland China, the financial problems of mainland-based developers and geopolitical factors such as fraught relations with the US, may be causes for concern. Gross-domestic product rose 7.5% from a year earlier, following a revised 8% growth in the prior quarter, according to advance data released Friday by the Hong Kong government. Growth of Hong Kong Let us first look at the history of the growth of Hong Kong economy from 1961 to 1996. Boulder: Westview. The number was compared with the increase of 7.6% in the second quarter. Hong Kong: review and outlook February 2015 The four pillar industries have been a driving force of Hong Kong's economic growth for years. source: Census and Statistics Department, Hong Kong 3Y 10Y 25Y MAX Chart Compare Export API Embed Hong Kong GDP Growth Rate 1. Although several central banks have started to withdraw pandemic stimulus, interest rates are set to . Impact on Economic Growth. 1960s—a little less than the current difference in the scores between such top-performing countries as Finland and Hong Kong and the United States—the first country's growth rate was, on average, one full percentage point higher annually over the following 40-year period than the second country's growth . Published by C. Textor , Nov 1, 2021. Tang forecast a budget surplus of 12 billion Hong Kong . Concluding remarks are provided in the last section. (Bloomberg) -- Hong Kong's economy will likely expand near the top of the government's forecast range this year, with inflation pressures expected to ease. °C 2001 Academic Press Journal of Economic Literature Classification Numbers: O40, O50. "Economic Growth and Structural Change in the Small Open Economy of Hong Kong". Therefore, I urge Hong Kong people to stay to take advantage of the city's opportunities," Chan said. Hong Kong (CNN Business) Shares of Alibaba plummeted in Hong Kong on Friday after the tech giant warned of weaker growth this year as China's economy slows and Beijing continues its regulatory. Most of its growth was achieved not by the . In 2022, although GDP growth is expected to moderate, it should remain healthy. May 14, 2021. Its exports surged year on year, it continued to enjoy stable consumer prices and "The Hong Kong economy has weathered the difficult moments. Estimates by world bank since 1961. As an international trading hub and cultural melting pot, Hong Kong is characterised by a unique blend of tradition and constant transformation. Interest rates are determined by the individual banks in Hong Kong to . Econ., March 2001, 29(1), pp. Financial Secretary Henry Tang said March 15 that Hong Kong had posted its first budget surplus in five years as the economy bounced back strongly in 2004 with growth of 8.1%. HONG KONG (BLOOMBERG) - Hong Kong's economy is expected to catch up with rival financial hub Singapore's pace of expansion this year for the first time since 2008, as it recovers from a pandemic . Economic growth, percent change in quarterly real GDP in Hong Kong, Q1 1974 - Q3 2021: The latest data from Q3 2021 show economic growth of 5.4 percent, which is a decrease from the rate of growth of 7.6 percent in the previous quarter and an increase compared to the growth rate of -3.6 percent in the same quarter last year. Hong Kong's Growth Slows With Recovery Hinging on Reopening - Bloomberg Hong Kong's economy grew at a slower pace than analysts expected last quarter, with the rollout of spending vouchers to. Hong Kong: A two-stage economic experiment. Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. New electoral system rules have effectively excluded the opposition from the formal political process. ), Export-Oriented Development Strategies: The Success of Five Newly Industrializing Countries. In the third quarter of 2021, the real gross domestic product (GDP) of Hong Kong increased by 5.4 . 84-89, and Hong Kong 1966, pp. A closer look at the history and development of the island shows that its economic performance is very far from exceptional. This column assesses the contribution of one key . Quarterly GDP growth rate in Hong Kong Q3 2018-Q3 2021 Published by C. Textor , Nov 1, 2021 In the third quarter of 2021, the real gross domestic product (GDP) of Hong Kong increased by 5.4 percent. There has been relatively little government intervention in the Colony's affairs. Office Information. Quarterly GDP growth rate in Hong Kong Q3 2018-Q3 2021. Foreign direct investment (FDI) into Hong Kong has performed very strongly in the years since the financial crisis, averaging $103bn annually between 2009 and 2018, according to data from the UN Conference on Trade and Development (UNCTAD).. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol . Daisy Wong, Communications Officer. The economic development of Hong Kong is unusual in a variety of respects. Hong Kong economic growth for 2020 was $346.59B, a 4.53% decline from 2019. Hong Kong is generally presented as an example of highly successful economic development and as a possible model for other countries in Asia and across the world. Q1's reading marked the best result since Q1 2010. The economy of Hong Kong is a highly developed free-market economy.It is characterised by low taxation, almost free port trade and a well-established international financial market. The slump could deepen if recent mass protests continue. Hong Kong enjoys a sound business environment and a bright future, with vibrant growth impetus and huge opportunities, Chan said. Hong Kong's economy contracted by 1.2 percent in 2019, the first annual decline since 2009. In the first three quarters of 2020, the accommodation and food service sector in Hong Kong had a negative GDP growth of 45.9 percent. to Hong Kong's growth since 1979. Hong Kong 'worried' over short-term impact of US-China trade war Return of bullish growth predicted as region turns towards more trade with Asian states Mon, May 20, 2019, 17:15 "With the challenges ahead, we believe it is time for the Government to take bold, swift action to drive economic growth and explore new sources of revenue. Phakawa Jeasakul. HONG KONG (Reuters) - Hong Kong's economy grew 3 percent in 2018, the government said on Wednesday, slightly slower than its forecast, as a bruising trade war between Washington and Beijing weighs. Hong Kong gnp for 2019 was $378.94B, a 1.59% increase from 2018. World Bank national accounts data, and OECD National Accounts data files. 10Y. Hong Kong's economy lost some momentum in the second quarter but still expanded by 7.5% from a year earlier, as domestic and global activity continued to recover from last year's pandemic-induced . We expect Hong Kong's labor productivity growth to fall to 1.2% in 2030 as perceptions of its unique comparative advantages are eroded over time and some high-value tasks in the financial and import-export sectors are relocated or diverted to other locations, including mainland China. Resident Representative. In Vittorio Corbo, Ann O. Krueger and Fernando Ossa (Eds. None. GDP Annual Growth Rate in Hong Kong is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Mainland China 2021 Mid-Year Export Review: Robust But Uneven Recovery 2. 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