In 2015, Hong Kong's GDP will be between 1% and 3%. As the future of the world economy is uncertain, more growth should not be expected, according to forecast made by Finance Minister, John Tsang.
According to Tsang, the current year will be difficult. By the end of 2014, the economy of Hong Kong grew 2.3% vs. 2.9% recorded in 2013. In the IV quarter of last year, GDP grew 2.2 percent that greatly exceeded the forecast of 1.6 percent. Growth in quarterly terms was 0.4 percent.
Presenting the annual budget, John Tsang said that the Fed is going to raise interest rates on the positive U.S. economic date. However, this is not consistent with further measures to mitigate the ECB’s monetary policy and the Bank of Japan. Uncertainty in the market is enhanced because of the Greek government position. The risk of deflation in the euro area and high volatility in oil prices remain.
In 2015, the inflation rate in Hong Kong will be 3.5 percent, while the previous year figure was 4.4 percent. Hong Kong authorities are planning to send about $37 million from the budget for financial support of small business, which has suffered from the last year's protests.
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