Hong Kong's economic growth has taken a significant hit, with GDP growth plummeting to 0.4% in the second quarter of 2024, according to the latest data updated on August 16, 2024. This drop marks a sharp decline from the previous quarter where the GDP growth rate stood at 2.3%.
The steep decline in GDP growth is especially concerning when comparing the quarter-over-quarter performance. In the previous quarter, the economy seemed to be on a steady rise, but the latest figures indicate a deceleration, drawing attention to underlying economic challenges.
Economists and analysts are now focusing on identifying the key factors contributing to this downturn and what measures can be taken to stabilize and rejuvenate Hong Kong's economy in the coming months. The significant drop in economic expansion underscores the volatility and unpredictability currently facing global markets.
