Fitch lowers Hong Kong’s 2022 growth forecast amid omicron variant

ANKARA

Fitch Ratings announced Wednesday it lowered Hong Kong’s 2022 economic growth forecast because of the omicron outbreak.

"The Hong Kong government’s decision to further tighten social distancing measures to curb a rapidly growing outbreak of the omicron variant of COVID-19 adds downward pressure on this year’s growth forecast," it said in a statement.

The global rating agency revised its 2022 gross domestic product (GDP) growth forecast for Hong Kong to 1.5%, down from its previous estimate of 3%.

"Our revised growth projections imply that real GDP will not surpass its 2018 level -- prior to both the onset of anti-government protests and the pandemic -- until 2023," it said.

"The latest restrictions on gatherings and entertainment venues are the strictest imposed on Hong Kong's businesses and residents since mid-2020, before the availability of COVID-19 vaccines, and include a prohibition on private gatherings of more than two households," it added.

After contracting 6.1% in 2020 due to the pandemic, Hong Kong's GDP rebounded 6.4% in 2021.

ANKARA

Fitch Ratings announced Wednesday it lowered Hong Kong’s 2022 economic growth forecast because of the omicron outbreak.

The global rating agency revised its 2022 gross domestic product (GDP) growth forecast for Hong Kong to 1.5%, down from its previous estimate of 3%.

"Our revised growth projections imply that real GDP will not surpass its 2018 level -- prior to both the onset of anti-government protests and the pandemic -- until 2023," it said.

After contracting 6.1% in 2020 due to the pandemic, Hong Kong's GDP rebounded 6.4% in 2021.