London Daily

Focus on the big picture.
Wednesday, Jul 30, 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
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×