Examining Hong Kong's Economic Recession and Transformation
In the first quarter of this year, Hong Kong's gross domestic product declined by 7.8% from a year ago, the second worst outcome on record since 3Q98's -8.1% plunge. Seasonally adjusted GDP contracted by 4.3% or annualized -18.0% from the previous quarter, which was worse than any quarters during the Asian Financial Crisis. The Government revised downward substantially the full year growth estimate from the original -2.0% to -3.0% to
-5.5% to -6.5%.
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Chamber・s Response to TFEC・s Decision to Develop a Knowledge-based Economy
HKGCC welcomes the Task Force on Economic Challenges・ proposal of support policies which help further develop Hong Kong into a knowledge-based economy. Talent retention, development of Mainland market and Hong Kong・s competitiveness should be enhanced."Developing Hong Kong into a knowledge-based economy is the right direction for our economy. Attention should be paid in particular to how it can better attract, retain and train up our own talent, who at the end of the day will determine our success in a knowledge-based economy," said HKGCC Chairman Andrew Brandler.
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