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Hong Kong services to rebound as China reopens, UBP says

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We're confident that Hong Kong's economy can 'return to expansion' in 2023, says economist

Hong Kong’s service sector will be the part of economy that sees “the biggest rebound” as borders reopen, UBP told CNBC’s “Squawk Box Asia” on Thursday. 

However, it warned that the sector is coming “from a very fragile situation,” given its contraction in every quarter of 2022. 

“We can’t exclude the possibility of further insolvencies or bankruptcies … even as things do look to improve in the months ahead,” said Carlos Casanova, UBP’s senior economist for Asia.

The latest figures from the Hong Kong government also showed the city’s economy contracted by 4.2% in its fourth quarter, the fourth-straight quarter of declines. Real GDP also shrank by 3.5% year-on-year.

“That contraction was…



Source cnbc.com

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