A view of a street market in Hong Kong today. Private consumption fell by 5.4% in real terms in the first quarter from a year earlier, according to official data. – AFPpixis set to end the year in the midst of a full-blown recession, the city's finance chief warned Thursday, as spiralling interest rates join strict Covid-19 controls in hammering the economy.
The Fed's hawkish rate hikes, aimed at curbing soaring inflation, come at an especially difficult time for Hong Kong, dampening sentiment when the economy is already struggling. Quarantine, once as long as three weeks, has been reduced to three days. The government has signalled it may soon join the rest of the world in scrapping travel curbs.“The aspects related to the pandemic need to continue to improve in order for us to see larger investments because people are more cautious in a high interest rates environment,“ he said.
“There are people leaving and the problems of retaining talent. All these things add up together and need to be addressed,“ he added. The Fed's rate hikes hit Hong Kong's stock market which fell as much as 2.6 percent on Thursday, to 17,965.33, the lowest since December 2011.
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