Global slowdown, geopolitics biggest concerns for Hong Kong firms in year ahead, chamber survey finds

A recent survey conducted by one of Hong Kong's largest chambers, the Hong Kong General Chamber of Commerce, reveals that two-thirds of firms anticipate their business turnover to either remain stagnant or decline in 2024. This pessimistic outlook is attributed to external uncertainties and is a more negative perspective compared to the previous year.

The survey results, which were disclosed on Wednesday, indicate that 20% of the 200 firms surveyed expect a decrease in turnover in 2024. Approximately 43% anticipate their turnover to remain more or less the same, while the remaining 37% forecast an increase. When similar questions were posed last year, fewer companies, 16% of 357, expected a decrease in business turnover for 2023.

Patrick Yeung Wai-tim, the chamber's CEO, stated that despite resuming economic activities post-pandemic, the economic growth is not as robust as desired. Doris Fung, the chamber's economist, noted that the survey respondents had a cautious outlook on business conditions. She highlighted that the firms' primary concerns were external factors such as a global economic slowdown and geopolitics. Large enterprises expressed concerns about brain drain, while small and medium-sized enterprises were more worried about inflationary pressures.