Many changes are also being implemented in May in terms of travel restrictions
According to Hong Kong Financial Secretary Paul Chan Mo-po, the economy in Q2 may experience a significant change compared to the negative growth of Q1. This positive change can be attributed to the latest wave of COVID-19 outbreaks being gradually controlled, reported the Global Times.
Since February, the Hong Kong Special Administrative Region (HKSAR) has been fighting a massive spread of Omicron outbreaks. According to Hong Kong Economy, the region’s economy is expected to increase by two percent to 3.5 percent in 2022 as a result of supportive measures implemented by the government.
Chan added Hong Kong has been dealing with a quickly evolving external environment, which has been exacerbated by large debt and relaxed monetary policies implemented by some countries, increasing the financial market’s vulnerability and volatility. The pandemic has also caused structural changes in the global supply chain and logistics.
Additionally, Hong Kong has recently seen underperformance in export and employment, among others. The Hong Kong Trade Development Council released data showing that Hong Kong’s export index for Q1 2022 was 24.7, down 12.5 points from Q4 2021 and continuing its decreasing trend for the third consecutive quarter.
Many changes are also being implemented in May in terms of travel restrictions.
According to CNA, since being implemented in March 2020, Hong Kong will start allowing non-residents to enter starting in May. It is also lifting an outbound travel alert on overseas countries.
Because of the Zero-COVID policy, thousands of residents attempting to return to Hong Kong have been hit by last-minute cancellations, leaving many scurrying to find alternate ways while ensuring they can get a quarantine hotel room. These restrictions have also dampened its financial centre allure.
Passenger flight crews will be required to stay in hotels for three days instead of seven, but cargo crews would be exempted.
Moreover, for the first time in more than four months, Hong Kong has reopened gyms, beauty salons, theme parks, and cinemas recently.
The Property Report editors wrote this article. For more information, email: [email protected].
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