Bloomberg survey: Economists raise Hong Kong's economic growth forecast for this year to 2.9%

A survey conducted by Bloomberg from March 2 to 5 shows that the median forecast for Hong Kong's economic growth this year has been raised from 2.5% to 2.9% by the surveyed economists, reflecting improvements in financial activity and the support of expansionary measures in the fiscal budget.

Economists have also raised the year-on-year growth forecasts for each quarter, with all predictions reaching or exceeding 2.5%, while the median growth forecast for next year remains unchanged at 2.5%.

Wu Jia Rui, a senior economist at Crédit Agricole, stated that Hong Kong is expected to experience moderate growth, mainly benefiting from improved financing activities. At the same time, the government's increased bond issuance to fund infrastructure construction should support Hong Kong's medium-term growth.

Cindy Keung, an economist at OCBC Bank, indicated that further declines in interest rates, a weaker Hong Kong dollar, and a favorable policy environment should support economic growth next year. Additionally, resilient external demand and improving domestic demand, along with positive wealth effects, are expected to stimulate economic activity