Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city’s finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter.
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Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits.
“There are major uncertainties over the economic outlook,” he told a radio programme. “The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.”
The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it “a very good meeting” after discussions broke off on Saturday evening.
Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent.
Hong Kong’s economy grew by a stronger-than-expected 3.1 per cent year on year in the first quarter, according to recent Census and Statistics Department estimates.