The Hong Kong General Chamber of Commerce (HKGCC) announced today (Dec. 12) the latest economic outlook for Hong Kong, forecasting a real economic growth of 2.4% for the city this year.
GDP growth is expected to slow down to 2.3% next year, with the overall inflation rate slightly dropping to 2%.
The Chamber also anticipates the unemployment rate to be estimated at 3.1% by the end of this year, possibly rising to 3.3% by the end of next year. Retail sales are expected to recover with a 2% growth next year, while merchandise exports are projected to slow down to a 2% growth rate.
The Chamber stated that Hong Kong's economy still faces challenges both domestically and internationally, but major infrastructure projects such as the three-runway system and the Kai Tak Sports Park will promote long-term economic growth and enhance Hong Kong's competitiveness.
Previously, the HKGCC conducted its annual business prospects survey from Nov. 12 to 26. The survey revealed that 26% of the surveyed companies plan to increase their workforce, while 49.8% intend to maintain the current number of employees. Additionally, 39.7% indicated they would provide salary increases for their employees, with only 1.8% of the surveyed companies planning to reduce salaries. Only 10% of the surveyed enterprises stated that they are still facing difficulties in hiring employees.
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