HK's economic growth expected near lower end of forecast range: Paul Chan The growth of the city’s economy is expected to reach at least the lower end of the financial growth forecast as declining interest rates and measures to stabilize the economy have improved market sentiment, Financial Secretary Paul Chan Mo-po stated on Sunday. At the beginning of the year, the government anticipated that economic growth would range from 2.6 to 3.6 percent. It was also announced that the economic growth rate for the first three quarters is estimated at 2.6 percent. Previously, Chan also expressed confidence that no adjustment would be needed for the forecast range throughout the year. In his blog today, he noted that following the US Federal Reserve’s decision to cut interest rates by a quarter of a percentage point last week, the market generally expects further interest rate cuts by the end of the year, which will likely increase investors’ risk appetite. He added that, after the US elections, it is vital for Hong Kong to prepare for challenges and seize opportunities, regardless of the global changes. The Standing Committee of the National People’s Congress has passed a series of measures to resolve regional debts, effectively reducing local government interest expenses and enhancing development momentum. Chan expects this to boost market sentiment and increase transactions in the stock and property markets. Despite slower economic growth in the third quarter, Chan predicts that as market sentiment improves, the economy will maintain momentum for the rest of the year, and the full-year economic growth rate will be close to the lower limit of the forecast at 2.5 percent. Chan also revealed that the government will sign agreements with 17 more strategic enterprises from the mainland, the US, and Europe on Monday to establish or expand their businesses in Hong Kong. Chan said they will bring HK$42 billion in investment to Hong Kong and create more than 17,000 jobs. https://www.thestandard.com.hk/breaking-news/section/4/222564/HK's-economic-growth-expected-near-lower-end-of-forecast-range:-Paul-Chan (ICE HONG KONG)

Fonte notizia: The Standard