Analysts are becoming more optimistic as Hong Kong sheds its remaining Covid curbs and rolls out a plan to allow people to more freely cross the mainland border again. Mainland China on Sunday ended quarantine for arrivals, making cross-border travel a reality again for many people.
After a near-certain contraction last year for the third time since 2019, Hong Kong’s economy is coming back stronger this year and may even grow faster than rival financial hub Singapore for the first time in more than a decade.
Economists are upgrading their forecasts for Hong Kong this year as the city accelerates its reopening with mainland China and the rest of the world. The median estimate in a Bloomberg survey of 12 economists last week was 3.3% growth for 2023, higher than the 2.7% forecast in a survey of 25 economists in November.
