44% of businesses have negative economic outlook for Hong Kong, poll finds
Survey by Hong Kong General Chamber of Commerce finds pessimism at highest level in five years
About 44 per cent of businesses have a negative economic outlook for Hong Kong for the next 12 months, the highest level in five years, according to a survey by one of the city’s most prominent commerce groups.
The Hong Kong General Chamber of Commerce released the findings of its annual survey on Thursday, after interviewing 219 respondents from November 12 to 26. Research started just days before Donald Trump clinched the US presidential election.
Patrick Yeung Wai-tim, the business group’s CEO, said: “Trump is famous for not deciding which move to make until the very end a lot of the time … Increased geopolitical uncertainty has led companies to adopt a wait-and-see approach.”
The poll found that 44.3 per cent of respondents had a negative outlook on Hong Kong’s business situation, surpassing the previous high point of 40.1 per cent recorded in the 2020 survey.
Major challenges cited by businesses included the decline in local consumption, high operating costs and external risks such as China’s economic slowdown and the sluggish global economy.
In comparison, the 2021 poll saw brain drain and a lack of talent as among the most common hurdles cited by businesses.
