Hard times

Article Abstract:

Hong Kong's economy remains depressed with rising unemployment and other signs of stagnation upsetting many residents. Unemployment jumped from 2.2% at the end of 1994 to 3.5% in the Jun-Aug 1995 quarter, due to a growing labor supply, the move of manufacturing to China, and high costs in the service industry. The government has lowered GDP projections for the year to 5% from the prior 5.5%, and private economists peg it lower. However, demand for non-durable goods remains strong, and lower interest rates could give a boost.

Economics, Unemployment, Public opinion

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Now, the good news

Article Abstract:

Hong Kong's property market has rebounded from its decline of 1994-95, though it remains priced well below Singapore's commercial market. Brokers suggest most of those anxious about the 1997 handover to China have left the market, and the biggest problem for most is now finding sellers. Buyers from Singapore are escaping their own skyrocketing prices and taking advantage of a strong Singapore dollar, while Indonesians are mitigating concerns about the post-Suharto era, and all regard Hong Kong as the doorway to China.

Real Estate, Real Estate and Rental and Leasing, Foreign investments, Finance, Real estate industry, Commercial buildings

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Party time

Article Abstract:

Economists are fairly relaxed about Hong Kong's economy prospects for 1997 due to the expected influx of tourists, journalists and officials arriving for the handover. GDP is expected to increase 5.7%, and the economy is already making a modest recovery, helped by tourism, with a record number of visitors in 1996. However rising property prices will send inflation higher, and prices are expected to rise by over 7% in 1997, although import prices should be kept down by the stronger US dollar.

Economic indicators

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