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- Hong Kong’s economy is not out of the woods despite sharp rebound - commerce secretary
Hong Kong’s economy is not out of the woods despite sharp rebound - commerce secretary
CNBC reports that Edward Yau, Hong Kong’s secretary for commerce and economic development, said that Hong Kong’s economy has rebounded sharply after being hit by the Covid-19 pandemic — but it’s not out of the woods yet and some sectors are still reeling.
“The distribution of this rebound is rather uneven,” Edward Yau told.
Yau explained that imports and exports have been a “very strong catalyst” of growth in the last few months, with overall trade hitting record levels in some months. However, retail sales are moderating and tourism is still struggling to recover, he said.
Such uneven economic performance is also reflected in the jobs market, and will likely remain so as Hong Kong faces the “twin battle” of containing the spread of Covid and reviving the economy, added Yau.
The Hong Kong economy grew 7.9% in the first quarter of 2021 compared to a year ago. It was the city’s first economic expansion after six consecutive quarters of year-on-year contraction.
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