The Financial Secretary Chan Mo-po, Paul said in the 2017-18 Budget Speech that he forecasts Hong Kong's Gross Domestic Product (GDP) growth of 2% to 3% in 2017.
Locally, favourable conditions in the job market and rising labour earnings have bolstered consumer confidence in the recent past, said Chan. Sustained increases in infrastructure and other building and construction activities should provide momentum for domestic demand.
Chan also noted the uncertain external environment and interest rate trend may trigger abrupt shifts in capital flows and heighten volatility in local asset prices, with repercussions on consumption and investment sentiments and on macro-economic stability. Over the past few years, the tight supply of residential flats, ultra-low interest rates and an influx of capital have made the local property market even more exuberant, resulting in high flat prices which are out of tune with the local economy.
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