Hang Seng Bank (00011) said annual rates of decline in retail sales volume and exports have eased in recent months, suggesting that economic activity in Hong Kong should improve in the second quarter.
Nevertheless, the underlying picture remains weak with falling consumer durables reflecting a lack of consumer confidence and a slowing global economy pointing to soft demand for Hong Kong's exports, said Thomas Shik, acting chief economist of the bank.
He believes the UK's decision to leave the European Union has also increased uncertainty. Shik now expects Hong Kong economic growth to be 1.3% for 2016, a downward revision from his previous forecast of 1.5%.
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