Customs clearance｜Hong Kong's GDP growth this year is expected to surpass Singapore's for the first time since 2008

Hong Kong and the mainland have gradually cleared customs since yesterday (8th). Hong Kong's economy has returned to strength this year, and it may even surpass its rival Singapore for the first time in more than ten years.

Economists raised their forecast for Hong Kong's economic growth this year to 3.3 percent, up from a November forecast of 2.7 percent, according to a Bloomberg survey.

Growth in trade-reliant Singapore is expected to flatten this year as the U.S. and Europe head toward recession, the survey also showed. Singapore will grow 2 percent. If Hong Kong's economy grows faster than that, it will be the first time since 2008. surpassed Singapore.

In addition, Moody's analysis said that Hong Kong is turning, but it may take until the second half of this year to see real changes. It is expected that the growth rate in the fourth quarter of this year will reach 7.7%; the annual growth rate is expected to be 3.8%, and the forecast in November last year was 3.2%.

Customs clearance｜Li Minbin, member of the National Committee of the Chinese People's Political Consultative Conference: It will bring huge opportunities for Hong Kong's economy and finance. Fitch predicts that Hong Kong's economy will grow by 2.2% next year, but the actual GDP is still below the level of 2018.