Hong Kong Economy too Remain Unchanged for Next Year
Hong Kong’s economic growth is expected to be around 2.5 percent due to its unchanged performance as of last year. Based on a report issued by the Bank of China, sluggish overseas companies, the economic slowdown and strong US dollar in the tourism market also exerted negative influences in the city’s economy for this year. But internal demand and jobs market is stable and economic growth is estimated is at the same rate with unemployment rate staying in a low level of 3.3 percent,
Although the bank was pessimistic on the external trade and tourism industry of Hong Kong by next year, with a weak overseas market demand the domestic demand will be the main drive of economic growth for 2016. Hong Kong’s economic and policy research director Xie Gouliang stated that the global economic outlook is slightly more optimistic with interest rate on the rise in the US a quick turnaround in the tourism sector could be seen but would not be better in a short period of time.
By next year the economic growth and unemployment rate in Hong Kong is expected to remain the same compared to this year of 2.5 and 3.3 percent as inflation is expected to see a year on year increase of 2.2 percent. Most importantly a strong financial sector will take a workforce from other sectors such as retail and will still make Hong Kong economy too remain healthy.