Hong Kong’s GDP was unchanged in q/q terms last quarter. This was largely due to a further decline in exports but the worst may be over on that front given that global growth is probably close to a trough. Meanwhile, there are signs that consumption was picking up thanks to the removal of most virus-related border requirements and improving consumer confidence. China’s reopening will add to that tailwind going forward and we expect robust growth of 5.5% this year.
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