Hong Kong expects economic growth of around 6.5% in 2021

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HONG KONG (Xinhua): Hong Kong’s economy maintains a steady recovery and is expected to register economic growth of around 6.5% this year, said Paul Chan Mo-po, financial secretary of the government of the Special Administrative Region of Hong Kong. Hong Kong.

Hong Kong’s economic recovery benefited from its strong exports and fixed investment in the first half of the year, as well as improved private consumption spending, Chan said in a blog post on Sunday.

With the treatment of vaccination programs globally, major economies are recovering and the economy of mainland China is recovering steadily. According to Chan, Hong Kong’s total exports jumped 30 percent in the first half of the year, with the third quarter growth rate of 22.7 percent.

Hong Kong’s economy grew 7.8% year-on-year in the first half of the year on strong exports and growing domestic demand, while trade and consumption indicators predict good growth momentum in the third trimester, he said.

Chan believes third-quarter year-over-year growth is expected to be lower than first half, due to stronger than expected economic rebound in first half and higher baseline in second half of last year .

With the outbreak under control and the issuance of electronic vouchers, Hong Kong’s first-half retail sales value rose 8.4%, and total restaurant revenue also rebounded by 0. , 5%.

In addition, the seasonally adjusted unemployment rate has fallen significantly from a 17-year high of 7.2 percent at the start of this year to 4.5 percent in the third quarter, the lowest level since the first quarter of last year, while the number of employees in the retail, accommodation and food services industries recorded a total increase of 3.5% year-on-year in the third quarter.

Looking ahead to the fourth quarter, Chan noted that Hong Kong’s export growth rate is expected to slow as global economic growth has already peaked, while the employment and income situation will improve thanks to the effect of the consumption voucher program.

However, Chan stressed that external risk factors such as the pandemic, high commodity prices as well as rising external inflation should not be ignored.

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