Commodities Buzz: ADB predicts Hong Kongs economy to grow 3.2 pct in 2018

The economy of Chinas Hong Kong Special Administrative Region will grow 3.2 percent this year, the Asian Development Bank (ADB) forecast on Wednesday. Though the forecast is slightly lower than the actual growth at 3.8 percent in 2017, but still higher than the actual growth at 2.1 percent in 2016, ADBs chief economist Yasuyuki Sawada said here while delivering the banks annual publication Asian Development Outlook. The economic growth rate of Hong Kong will be 3 percent in 2019, according to the report.

Hong Kongs growth accelerated in 2017, propelled by a strong external environment and solid domestic demand, and a tight labor market and recovering inbound tourism should sustain robust growth this year and next, though some moderation is expected, the chief economist said. Meanwhile, integrating the Guangdong-Hong Kong-Macao Greater Bay Area poses vast opportunities in the years ahead, according to the report.