China's Economic Overview and Challenges
Hong Kong economy: Covid-19 is a central concern
Exports, the main growth driver,
likely to slow in 2022
Covid-19 could stall the labour market and
block improvement in private consumption
Hong Kong Covid-19 Cases and Vaccination Rate
Hong Kong Exports and Imports
30%
25%
Year-on-year change
20%
15%
10%
5%
0%
600
26.3%
24.3%
500
400
300
200
100
0
03/20
07/20
11/20
New cases
03/21
07/21
11/21
-
Vaccination rate (%)
-5%
-10%
2015
2016
2017
2018
2019
2020
2021
Exports Imports
80
70
60
50
40
10
R23220
Sources: Hong Kong Center for Health Protection; Our World in Data, data as of 9/2/2022
Remark: New cases are 7-day rolling average
Source: Hong Kong Census and Statistics Department, data as of 28/1/2022
Downside risks are looming with the Omicron variant,
supply bottlenecks, and moderating growth in Mainland
China.
With a high base of comparison, exports are expected to
grow at a slower rate in 2022.
BEA東亞銀行
Prior to the fifth Covid-19 outbreak, private consumption was
recovering steadily, while Hong Kong's unemployment rate
continued to trend lower.
Covid-19 has delayed reopening of the border, and earlier-than-
expected US interest rate hikes could cloud the outlook.
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