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People’s Republic of China—Hong Kong Special Administrative Region: 2024 Article IV Consultation Discussions-Press Release; and Staff Report
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2025: Issue 015
Language:
English
Publication Date:
23 Jan 2025
DOI:
https://doi.org/10.5089/9798400299445.002
ISBN:
9798400299445
ISSN:
1934-7685
Pages:
81
Keywords:
consultation discussion; exchange regime; surveillance topic; rate of HK; surveillance effort; Housing; Housing prices; Climate finance; Global; Asia and Pacific
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The 2024 Article IV Consultation discusses that Hong Kong Special Administrative Region (SAR)’s economy is on a path of gradual but uneven recovery following three years of recession since 2019. The removal of coronavirus disease (COVID)-related restrictions in early 2023 resulted in a strong rebound in domestic demand and inbound tourism in 2023H1, and decline in unemployment rate to historical lows. The outlook is subject to high uncertainty, with the balance of risks tilted to the downside. Key downside risks include a sharper-than-expected slowdown in Mainland China due to escalation of trade tensions or a deeper and more protracted adjustment in the property market. Tighter-for-longer monetary policy in the United States, rising geoeconomic fragmentation pressures, and increased regional competition could also weigh on growth. Continued efforts are needed to address long-term challenges posed by climate change. In order to mitigate the risk of falling short of emissions reduction targets, the authorities should prioritize regional collaboration with Mainland China to develop zero-carbon energy and improve energy efficiency in aging and poorly maintained buildings.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund