Hong Kong Cuts GDP Growth Forecast on Covid, Trade Risks

(Bloomberg) — Hong Kong cut its economic growth forecast for the year as Covid outbreaks disrupt trade, the city faces higher interest rates and the war in Ukraine weighs on commodity prices.

The economy is expected to expand in a range of 1%–2% in 2022, compared with a previous prediction of 2%–3.5%, the government said Friday. The government kept the first-quarter contraction in gross domestic product unchanged at 4%.