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ACCA Survey: Nearly 80% of surveyed members are pessimistic about Hong Kong's economy this year

2020-01-14T04:50:21.248Z


ACCA (The Association of Chartered Certified Accountants) published a survey report that found that nearly 80% of the members surveyed were significantly pessimistic about the economic performance of 2020 due to the recent social instability and the impact of the Sino-US trade war. Surveys show that


Financial news

Written by: Huang Youhua

2020-01-14 12:41

Last updated: 2020-01-14 12:42

ACCA (The Association of Chartered Certified Accountants) published a survey report that found that nearly 80% of the members surveyed were significantly pessimistic about the economic performance of 2020 due to the recent social instability and the impact of the Sino-US trade war.

The survey shows that 76% of the economic performance is expected to be very poor, but only 2% believe that the economic performance is good. Reflects that respondents' views on Hong Kong's economic outlook are not optimistic. At the same time, 40% of the respondents believe that this year's gross domestic product (GDP) will experience negative growth, which is a 8-fold increase from last year's 5%.

Nearly half of the respondents believe that this year's GDP growth rate will be between 0 and 1.99%. ACCA believes that these more negative views may be related to Sino-US trade disputes and the instability of Hong Kong's social situation. However, 13% of the respondents are confident in Hong Kong's economic outlook and expect GDP growth to be higher than 2%.

Nearly half of the respondents: Hong Kong economy may be dragged down by Sino-US trade disputes

According to the survey, respondents believe that the first three factors that have a negative impact on Hong Kong's economy are "Hong Kong's social instability", accounting for more than 80%, followed by "China-US trade disputes", and the last High rents. " Nearly half of the respondents believe that the Sino-US trade dispute may bring economic recession to Hong Kong and China.

ACCA said that although more than 40% of the respondents have a very positive outlook on the future of the Greater Bay Area. However, 66% still think that it has no impact on various industries. Reflecting that although the respondents knew that the development of the Greater Bay Area was beneficial to gain more opportunities, most people were still at a loss as to how to find opportunities in the Greater Bay Area. It is suggested that the government should increase efforts to promote it. However, respondents in the financial banking and insurance industries remain optimistic about the positive impact of the Greater Bay Area.

Finally, the survey found that "medical care", "technology and robotic process automation" and "finance, banking and insurance" have the most growth potential. The "tourism industry", "retail industry" and "hotel and catering industry" will face the most severe challenges this year.

The survey interviewed 220 members of the association from November to December last year, which included financial and accounting professionals from different industries, company sizes and age groups.

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Institute of Chartered Certified Accountants Hong Kong Economy

Source: hk1

All news articles on 2020-01-14

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