Hong Kong economy shrank 3.5% in 2022

HONG Kong’s economy shrank by 3.5% in 2022, with exports plunging and the city’s worst-ever coronavirus outbreak battering businesses, the government announced today, while saying it hoped China’s reopening would spur a recovery.

Vast swathes of Hong Kong’s economy were shut down at the start of the year, when the territory recorded one of the world’s highest Covid per capita death rates as it dealt with a wave of the highly transmissible Omicron variant.