Hong Kong accountants cautious on growth in 2024

Photo by Patricia Lazaro

Hong Kong’s economy is expected to grow slightly in 2024, a CPA Australia survey on Hong Kong’s economic and business outlook indicates.

The survey results also show anticipated weak demand has led many companies to be more conservative in their 2024 business forecasts and switch to more prudent strategies. Soaring interest rates will continue to weigh on the city’s capital and property markets next year.

Forty nine per cent of surveyed Hong Kong-based accounting and finance professionals expect the city’s economy to keep recovering and growing. Of these people, 36 per cent predict the economy will grow by less than 3 per cent.

To boost economic growth and strengthen international competitiveness, respondents were most likely to suggest the government implement measures to attract companies and investment (46 per cent) and strengthen policies to attract and retain talent (30 per cent).

CPA Australia 2023 Divisional President of Greater China Mr Robert Lui said “Hong Kong’s economic and business activities have been steadily normalising and recovering this year. Government policies to attract companies, investment and talent are helping Hong Kong return to the world stage.”

He however stressed the challenges ahead, “Cyclical and structural uncertainty in the global market will likely weaken demand. Geopolitical tensions may also slow capital flows and investment activities. Businesses should be cautious as these downside risks may constrain economic growth next year.”