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People’s Republic of China—Hong Kong Special Administrative Region: 2024 Article IV Consultation Discussions-Press Release; and Staff Report

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  • International Monetary Fund

Abstract

The 2024 Article IV Consultation discusses that Hong Kong Special Administrative Region (SAR)’s economy is on a path of gradual but uneven recovery following three years of recession since 2019. The removal of coronavirus disease (COVID)-related restrictions in early 2023 resulted in a strong rebound in domestic demand and inbound tourism in 2023H1, and decline in unemployment rate to historical lows. The outlook is subject to high uncertainty, with the balance of risks tilted to the downside. Key downside risks include a sharper-than-expected slowdown in Mainland China due to escalation of trade tensions or a deeper and more protracted adjustment in the property market. Tighter-for-longer monetary policy in the United States, rising geoeconomic fragmentation pressures, and increased regional competition could also weigh on growth. Continued efforts are needed to address long-term challenges posed by climate change. In order to mitigate the risk of falling short of emissions reduction targets, the authorities should prioritize regional collaboration with Mainland China to develop zero-carbon energy and improve energy efficiency in aging and poorly maintained buildings.

Suggested Citation

  • International Monetary Fund, 2025. "People’s Republic of China—Hong Kong Special Administrative Region: 2024 Article IV Consultation Discussions-Press Release; and Staff Report," IMF Staff Country Reports 2025/015, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/015
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