HK economy forecast to grow up to 4 pct in 2014
HONG KONG - Hong Kong's finance chief forecasts that the economy of the Asian financial centre could grow up to 4 per cent this year after expanding 2.9 per cent in 2013.
Financial Secretary John Tsang said Wednesday that he predicts 3-4 per cent growth in 2014 for the semiautonomous southern Chinese city. That's lower than the 4.5 per cent average annual growth rate over the past decade.
Tsang said Hong Kong's economy expanded 2.9 per cent in 2013, nearly double the 1.5 per cent rate in the previous year.
Mainland China helped underpin Hong Kong's growth as a tepid recovery in the major export markets of U.S and Europe dragged down its trade.
Tsang warned of volatile markets and capital flows as the Fed scales back its economic stimulus.