Today, 14:10
Sally Chen (left) says headwinds will slowdown Hong Kong's growth further this year. Photo: RTHK
The International Monetary Fund has scaled back Hong Kong's growth expansion rate for this year to 2.2 percent.
This is the second time that IMF has scaled back its estimates. In October, the IMF had said the growth rate would be 2.7 percent and then scaled it down to 2.5 percent in January.
Sally Chen, IMF's resident representative in Hong Kong, said that the SAR growth has been partially affected by mainland's economic slowdown but she predicts local GDP growth will be slightly better next year – at 2.4 percent.
She said the fund expects developing economies to rebound as situations there normalise by then and that will boost Hong Kong.
The Financial Secretary, John Tsang, had estimated that the economy will expand by 1 to 2 percent this year.
http://news.rthk.hk/rthk/en/component/k2/1257995-20160503.htm
