Hong Kong GDP Increased +2.5% in 2024, IMF Forecasts Hong Kong GDP to Increase +2.7% in 2024 & 2025
4th February 2025 | Hong Kong
Hong Kong GDP had increased +2.5% in 2024 (Hong Kong Census & Statistics Department). In 2025 January, the International Monetary Fund (IMF) forecasts Hong Kong GDP to increase +2.7% in 2024 & 2025, reported in the International Monetary Fund (IMF) Staff Mission publishing assessment of Hong Kong in the Concluding Statement. IMF assessed Hong Kong-locally incorporated banks as well capitalized & liquid with strong profitability, and advancement of sustainable finance hub to enhance Hong Kong competitiveness as an international financial centre. More info below:
“ Hong Kong GDP Increased +2.5% in 2024, IMF Forecasts Hong Kong GDP to Increase +2.7% in 2024 & 2025 “
IMF Forecasts Hong Kong GDP to Increase +2.7% in 2024 & 2025, Hong Kong-Locally Incorporated Banks are Well Capitalized & Liquid with Strong Profitability, Advancement of Sustainable Finance Hub to Enhance Hong Kong Competitiveness as an International Financial Centre
12th January 2025 – The International Monetary Fund (IMF) is forecasting Hong Kong GDP to increase +2.7% in 2024 & 2025, reported in the International Monetary Fund (IMF) Staff Mission publishing assessment of Hong Kong in the Concluding Statement. IMF assessed Hong Kong-locally incorporated banks as well capitalized & liquid with strong profitability, and advancement of sustainable finance hub to enhance Hong Kong competitiveness as an international financial centre. Hong Kong Government (10/1/25): “Following the completion of the 2024 Article IV Consultation with the Hong Kong Special Administrative Region (HKSAR), the International Monetary Fund (IMF) Staff Mission published its assessment on the Concluding Statement today (January 10). The Mission notes that Hong Kong’s economy is on a path of gradual recovery, albeit facing multiple headwinds. The Mission reaffirms Hong Kong’s status and function as an international financial centre and recognises that Hong Kong’s financial system remains resilient, supported by robust institutional frameworks, ample room for policy buffers, and smooth functioning of the Linked Exchange Rate System (LERS). The Mission considers that the direction and path of the HKSAR Government’s gradual medium-term fiscal consolidation is appropriate given the current economic conditions. The Mission expects fiscal space to remain abundant, and projects that the fiscal deficit will narrow further, with the support of new revenue measures, the effects of expenditure control, and the winding down of pandemic-related expenditure … … The Mission projects Hong Kong’s real Gross Domestic Product to grow by 2.7 per cent in both 2024 and 2025. The Mission recognises the HKSAR Government’s efforts in developing new sources of growth, including by promoting the Guangdong-Hong Kong-Macao Greater Bay Area initiative, increasing investment, and attracting foreign talent and businesses in high-value industries to Hong Kong. The Mission also recognises that it is appropriate for the HKSAR Government to cancel all demand-side management measures for residential properties. The Mission acknowledges that locally incorporated banks are well capitalised and liquid, with strong profitability. Domestic mortgage delinquencies remain low and household credit quality is supported by low unemployment and the sector’s high net worth. The Mission also welcomes the HKMA’s decision to introduce a positive-neutral Counter-Cyclical Capital Buffer (CCyB) rate, which will increase the banking sector’s capacity to support lending to the real economy when system-wide risks materialise. The Mission also notes that the HKSAR Government and financial regulators have made significant strides in developing a dynamic green and sustainable finance landscape, and advancing the development of a sustainable finance hub could enhance Hong Kong’s competitiveness as an international financial centre. The Mission visited Hong Kong from November 11 to 22 last year, with discussions held with HKSAR Government officials, financial regulators and private sector representatives. The Concluding Statement is in the Annex. The relevant full report will be discussed by the IMF Executive Board in January 2025.”
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