London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Hong Kong’s largest business lobby predicts further growth in 2022

Hong Kong’s largest business lobby predicts further growth in 2022

General Chamber of Commerce forecasts 2.8 per cent expansion next year after 6.3 per cent this year but says emerging Omicron variant could suppress recovery in tourism and hospitality industries.

Hong Kong’s largest business association expects the city’s economic recovery will continue into next year and predicts 2.8 per cent growth in gross domestic product, but warns the unfolding Omicron variant of the coronavirus presents fresh uncertainties.

George Leung Siu-kay, CEO of the 4,000-member Hong Kong General Chamber of Commerce, said on Thursday it was difficult to tell how the heavily mutated variant would impact the economy. The organisation expected the city’s GDP would grow 6.3 per cent this year, close to the government’s forecast of 6.4 per cent, which would be highest since 2005 when 6.9 per cent expansion was recorded in 2005.

“Even the World Health Organization is unable to tell how rapidly Omicron will spread around the world and its mortality rate. So we will be watching closely in case the spread is quite severe and causes many countries’ borders to close down, then I think there’s a need to revise our economic forecast,” he said.

George Leung, chief executive officer of the Hong Kong General Chamber of Commerce.


Leung added that it was still unclear how cross- border travel would be affected, as Omicron was new. But he conceded the variant could take a further toll on Hong Kong’s already battered tourism and hospitality sectors given the city remained in near lockdown for the past 22 months.

The variant has caused countries like Japan, Israel, the United Kingdom, European Union and the United States to ban foreigners from entering. Non-residents from eight African countries are banned from coming to Hong Kong. The city has confirmed four Omicron cases so far.

Still, Hong Kong and Guangdong governments last week reached a deal to resume quarantine-free travel as soon as possible.

“[The mainland] is our biggest trading partner,” Leung said. “If our border can be resumed, there’s a lot of activities that can be resumed with the mainland … but we need to wait for quite a while, so that’s why we are not expecting a full resumption of economic flow in 2022.”

He revealed the findings of a survey the chamber conducted in July, which pointed to restricted cross-border travel remaining the top concern of businesses.

In another survey by the British Chamber of Commerce in Hong Kong involving 152 respondents, or 15 per cent of its membership, companies said the city’s strict quarantine measures had caused challenges in maintaining headcount.

Almost half said some employees had decided to leave the company or Hong Kong altogether due to the quarantine restrictions, according to the survey conducted in October.

Almost 70 per cent said the current Covid-19 measures had affected talent acquisition and limited business growth, while more than half said they might relocate operations or lose employees if the current restrictions continued for another 12 months.

“The current situation is presenting real challenges. We understand the constraints that the Hong Kong government is under, but would urge it to explore other options that would allow an earlier relaxation of international travel,” said David Graham, executive director of BritCham.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×