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Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it ...
Hong Kong's economy shrank faster in the third quarter, contracting 4.5% from the same period a year earlier, the third straight quarter of downturn, advance government data showed on Monday, as ...
Hong Kong has become a center for money laundering and sanctions evasion under the tightening grip of Beijing, US lawmakers have warned, calling for a re-evaluation of America’s close business ...
The Tiger Cub Economies are so named because they attempt to follow the same export-driven model of technology and economic development already achieved by the rich, high-tech, industrialized, and developed countries of South Korea, Singapore, and Taiwan, along with the wealthy financial center of Hong Kong, which are all collectively referred to as the Four Asian Tigers.
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. [10]
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation , almost free port trade and a well-established international financial market. [ 15 ] [ 16 ] Its currency, called the Hong Kong dollar , is legally issued by three major international commercial banks, [ 17 ] and is pegged to the US dollar .
Anti-government protests in 2019, followed by Beijing’s swift imposition of a sweeping national security law in 2020 and three years of draconian COVID lockdowns prompted an exodus of tens of ...
The economy is predicted to grow at 2 percent in 2009. Hong Kong is an advanced tertiary economy built on services, retail, tourism, transport and financial industries. Hong Kong's manufacturing industry is located in Guangdong province which employs over 11 million people. [6]