Hong Kong economy grows 6.4% in 2021

Hong Kong’s economy grew by 6.4% last year after activity weakened as anti-coronavirus controls were tightened

Hong Kong Economy (Copyright 2021 The Associated Press. All rights reserved)

Hong Kong’s economy grew by 6.4% last year after activity weakened as anti-coronavirus controls were tightened.

Economic output expanded by 4.8% over a year earlier in the three months ending in December, down from the previous quarter’s 5.5%, government data showed Friday.

Growth in consumption and investment weakened.

The government has tightened controls on travel into Hong Kong and activity within the territory, mimicking the Chinese mainland’s “zero tolerance” strategy that aims to keep the virus out of China

“We expect the government’s zero-Covid tolerance policy will remain a drag on the economic recovery,” Lloyd Chan of Oxford Economics said in a report.