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Hong Kong economy to be hit by omicron, says finance chief

As fifth wave of Covid-19 takes hold.
Commuters in the central district of Hong Kong. Image: Paul Yeung/Bloomberg/Bloomberg

Hong Kong Financial Secretary Paul Chan expects the city’s economy to take a hit as a fifth wave of coronavirus infections sparked by the omicron variant takes hold.

The government has yet to give economic forecasts for 2022, which is expected during Chan’s annual budget speech in February, but he said in his blog post on Sunday that he will also take into account the global pandemic, supply-chain bottlenecks and changes in monetary policies by western central banks in making his predictions.

Economists at Morgan Stanley and Bloomberg Economics have already cut their economic growth forecasts for Hong Kong, citing the delayed reopening of borders with China amid the omicron wave.

© 2022 Bloomberg L.P.

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