Citigroup forecasts HK economy to grow 5.2%

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Last updated at: (Beijing Time) Thursday, January 15, 2004

Citigroup forecasts HK economy to grow 5.2%

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With the benefit of Closer Economic Partnership Arrangement (CEPA), Hong Kong's economy will grow 5.2 percent this year, Anthony Y. T. Muh, regional head of investment (Asia) of Citigroup Asset Management, said here Wednesday.

Among several positive factors which will help expand Hong Kongeconomy, weaker US dollar is a major boost to competitiveness, Muhsaid at a press conference, adding that it will help Hong Kong's export growth pick up again.

Muh held that equipment spending pick-up will come to a halt inthe second quarter of 2004, but retail sales have picked-up.

Muh forecast Hong Kong's deflation, which has been worse than Japan's, should end by the second half of this year.

Although there are some uncertainty Hong Kong may face, such asbird flu, Severe Acute Respiratory Syndrome (SARS), Muh said, he is confident that the Hong Kong government has the ability to dealwith it.

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