Paul Chan: 1H to remain tough, 2H to pick up more noticeably

January 04, 2021 09:45
Photo: Reuters

Financial Secretary Paul Chan said he expects Hong Kong’s economy will return to growth in 2021 after two consecutive years of contraction.

Chan noted in his blog that the tough economic situation is likely to persist in the first half of the year given the need to continue with various pandemic control measures. Cross border activities and the tourism sector also take a longer time to recover.

But with the pandemic control measures and increasing availability of Covid-19 vaccines, he believes the economy will pick up speed in the second half of the year.

Chan also pointed out the shift of consumption behavior to a stronger reliance on online shopping and home entertainment, as well as the popularity of home office and home education. These changes highlight the importance of technology to the city’s recovery and future growth.

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