HK Economic Growth Forecast to Accelerate in 2003

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Last updated at: (Beijing Time) Friday, January 03, 2003

HK Economic Growth Forecast to Accelerate in 2003

Hong Kong economic growth is expected to accelerate in 2003 as Asia and the globe are on a path to recovery, said an economist with Credit Suisse First Boston Friday.

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Hong Kong economic growth is expected to accelerate in 2003 as Asia and the globe are on a path to recovery, said an economist with Credit Suisse First Boston Friday.

Dong Tao, chief regional economist of the investment banking firm, projected Hong Kong economy to grow at 2 percent in 2003 andthe global economy at 3 percent.

He also noted the surging demand from China, which is expected to grow at 8.3 percent in 2003, plays an increasingly important role in the region including Hong Kong.

The economist said Hong Kong is on the verge of a cyclical up-turn but domestic demand is still a concern with a high unemployment rate and weak property market.

He expected the unemployment rate in Hong Kong to stay between 6 to 7 percent in 2003.

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