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Briefing

Hong Kong: Domestic Demand

Appears in: Asia/Pacific, Macroeconomy, Hong Kong, Northeast Asia, Labor Markets and Productivity

Critical Issues

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Background:

Global financial turmoil and weak export demand damaged Hong Kong's domestic consumption in 2008 and 2009. As export industries and banks suffered, the rising threat of layoffs and negative wealth effects from the roiling asset market hurt consumer confidence. Private consumption grew 1.8% in 2008 compared to 8.5% in 2007, contributing only about half of total GDP growth, according to the ADB. An expansionary fiscal stance, low interest rates, capital inflows and bubbly asset markets helped consumption to rebound in H2 2009, with retail sales up 0.8% for 2009 as a whole.

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Associated Readings

Analysis Asian Development Bank Juthathip Jongwanich March 2009 Asian Development Outlook 2009: Hong Kong, China News Wall Street Journal Sep 29, 2009 HK Aug Retail Sales Value Dn 0.2%; Likely To Improve News Wall Street Journal Sep 17, 2009 Hong Kong Jobless Rate Unchanged Analysis Citigroup Global Markets Cheng-Mount Cheng Sep 29, 2009 Hong Kong Macro Flash: Retail Sales Remain Weak in August, But Slightly Better Than Expected Analysis Citigroup Global Markets Cheng-Mount Cheng Sep 17, 2009 Hong Kong: August Unemployment Rate Remains Stable; Job Markets Likely to Stay Weak for a While Analysis Hudson Aug 2009 Q3 Hiring and HR Trends: Hong Kong Analysis Citigroup Global Markets Feb 25, 2009 HK/China Property: Income dissipation is getting worse in HK Analysis Hang Seng Bank Nov 06, 2008 Hong Kong: Recession in the Pipeline Research Hong Kong Monetary Authority Dickson Tam, Frank Leung, Kevin Chow and Wendy Woo September 2007 Sources of employment growth in Hong Kong Analysis Economist Intelligence Unit Aug 20, 2008 Hong Kong economy: Industrial action becomes more frequent News Financial Times Justine Lau Apr 21, 2008 Hong Kong tries to attract staff back to work

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