HONG KONG : Hong Kong's economy shrank for the fourth straight quarter, contracting an annual 4.2 per cent, advance government data showed on Wednesday, worse than economists' estimates as weakening global demand and higher interest rates hit exports and spending.
Economists from Morgan Stanley, DBS, Hang Seng Bank and Natixis expected GDP to contract between 2.8 per cent and 3.1 per cent. The city's economy shrank s revised 4.6 per cent in the third quarter. The Asian financial hub has been battered by its own pandemic measures and also spillover from China's zero-COVID policies, but recovering consumer spending on the mainland and a rebound in travel are expected to help the economy this year.
Strict COVID-19 restrictions have affected Hong Kong's economy since early 2020, grinding tourism to a halt and battering sales at bars, restaurants and shops.
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