![]() ![]() The economic recovery stalled in 2022 following a major COVID outbreak and U.S. Despite a challenging global macro-financial environment, the Hong Kong SAR economy is recovering strongly with post-COVID normalization of economic activity. Securing a sustainable recovery and fortifying the status as an international financial center while safeguarding financial stability require a policy strategy aimed at promoting balanced recovery, maintaining financial system resilience, ensuring orderly adjustment in the housing market, and bolstering long-term growth prospects.ġ. ![]() The economy is facing macro-financial challenges amid rising interest rates, ongoing stress in the real estate sector of Mainland China, possible adjustment in the local housing market, and the global economic slowdown. Strong fiscal policy support has helped the economy navigate through multiple shocks over the last few years, while strong institutional frameworks and financial buffers have allowed the financial system to remain resilient and continue to operate smoothly, including the Linked Exchange Rate System (LERS). Washington, DC: Economic activity in Hong Kong SAR is normalizing with the reopening of the border. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. The authorities have consented to the publication of this statement. ![]() Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments. A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. ![]()
0 Comments
Leave a Reply. |