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Hong Kong’s economy will likely grow more slowly than previously expected both this year and next as challenges from China’s slowdown and the impact from elevated interest rates weigh on the financial hub.
Economists slashed their expectations for gross domestic product growth in 2023 to 3.3% from an earlier forecast of 4%, according to the median estimate in the latest Bloomberg survey of economists. Growth in the fourth quarter of this year is expected to reach 4.8% year-on-year, worse than a projection of 6.5% in the last poll, taken in September.
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