Hong Kong :Hong Kong's economy grew 2.7 per cent in the first quarter of 2023, John Lee, the leader of the Asian financial hub, said in a surprise announcement ahead of Tuesday's 0830 GMT release of official data, to snap four consecutive quarters of contraction.
The latest quarterly figure compared to a 4.1 per cent contraction in the last quarter, added Lee, who is Hong Kong's chief executive. All pandemic curbs have been lifted in the former British colony, where Lee has set priority on improving international competitiveness and attracting more overseas talent.
Hong Kong also faces risks from high inflation and aggressive monetary tightening in advanced economies with higher borrowing costs and a pessimistic economic outlook hitting asset prices.
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