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In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the Great Recession. [33] By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World Trade Organization. [34]
The Census and Statistics Department (C&SD; Chinese: 政府統計處) is the provider of major social and economic official statistics in Hong Kong. It is also responsible for conducting Population Census and By-census in Hong Kong since 1971.
Due to more people working in the tertiary sector, Hong Kong's economy grew increasingly reliant on service industries. [41] Hong Kong Science Park. The finance and real estate industries bloomed in the 1990s. However, the dependence on such industries caused a loss of competitiveness between products produced by Hong Kong-based manufacturers ...
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. [10]
Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it ...
Anti-government protests in 2019, followed by Beijing’s swift imposition of a sweeping national security law in 2020 and three years of draconian COVID lockdowns prompted an exodus of tens of ...
Following in the footsteps of Hong Kong; South Korea, Taiwan, and the city-state of Singapore soon industrialized thanks to capitalist and open policies by their efficient governments. By 1997, Hong Kong, Taiwan, and South Korea joined Japan as developed economies in East Asia, while Singapore became the sole developed economy in Southeast Asia.
The Office of the Government Economist (OGE), formerly known as the Economic Analysis and Business Facilitation Unit, of the Hong Kong government was formed under the Financial Secretary's Office on 1 June 2004, when the HKSAR Government merged the Economic Analysis Division (under the Financial Services Branch of the Financial Services and the Treasury Bureau) and the Business Facilitation ...