PEB WORLDWIDE Hong Kong’s Economy
Prices and Inflation
Russia’s Economic and Political State since 2000
The Hong Kong economy continued to recover in the third quarter of 2023, supported by inbound tourism and private consumption.
March 26, 2000 – Early presidential elections
The underlying consumer price inflation rate remained moderate in October. Prices of meals out/takeaway food and clothing/footwear continued to increase visibly over a year earlier than predicted. Looking ahead, inbound tourism and private consumption will continue to underpin economic growth for the rest of the year. More visitors could be received as handling capacity recovers further. Yet, the difficult external environment amid increasing geopolitical tensions and tight financial conditions would continue to weigh on exports of goods, investment and consumption sentiment.
External sector and Exports Overall, export performance largely remained weak. Exports to the Mainland and the United States rose, while those to the European Union continued to fall considerably.
Acting President Vladimir Putin managed to win over his competitors in the first round, gaining 52.9% of the vote. On May 7, 2000, he was inaugurated as the second President of the Russian Federation.
After that, the development of private business in the country slowed down sharply. The business structures of Putin's Price pressures on other major components friends began to gather the main business in the country. remained broadly in check. March 2014 – Reunification of Crimea with External price pressures are expected to reduce. While domestic business cost might Russia face some upward pressures as the On March 16, 96.77% of the peninsula's economy continues to revive, it should residents voted in favour of reunification remain contained in the near term. The Government will continue to monitor the with Russia in a referendum on the status of Crimea. situation. Strategic Position Hong Kong is one of the most servicesoriented economy in the world, with services sectors accounting for 93.4% of the GDP in 2022.
On March 17, the Supreme Council of Crimea declared the republic an independent state and appealed to Russia with a proposal to accept it into the Russian Federation. On March 18, an agreement was signed on the admission of the Republic of Crimea and the city of Sevastopol to Russia.
According to World Trade Organization (WTO), Hong Kong is the world's 10th largest exporter of merchandise trade in 2022, as at the end of March 2023, Hong March 2014 – The introduction of sanctions Kong's stock market ranked the 4th largest by the United States and its allies against the Russian Federation in Asia and the 7th largest in the world, with the total market capitalisation The first sanctions were of a "personal" reaching US$4.7 trillion. nature and consisted in restrictions for specific Russian politicians, Hong Kong is an important banking and businessmen, banks and enterprises. In financial centre in the Asia Pacific. Hong the future, the list of sanctions measures Kong is the 4th leading global financial against Russia was constantly expanding. centre, according to the Global Financial Centre Index (33rd edition, Mar 2023). 2020- Covid-19
By Mina Chung
Covid 19 was in full swing, prices began to rise, employers began to cut staff, and many residents switched to remote work.
Those to other major Asian markets recorded mixed performance. 8 3
