HK Economy - Highlight
27 June 2017
Smart cities are a growing trend around the world. In Hong Kong, there are also a number of start-ups focusing on developing smart city and smart home solutions. Accosys has developed an artificial intelligence (AI) concierge, which brings AI on the frontline of a brand communicating directly with the customer. Another company, GL Technologies specialises in wifi enabled smart routers and gateways to create smart homes and smart offices.
The overall HKTDC Export Index climbed to 50.1 for 2Q17, a 16-quarter high and a rise from 47.1 in 1Q17. This change of confidence level from negative to positive indicated a reversal in sentiment with regard to export performance in 2Q17. Overall, exporters have become cautiously optimistic with regard to their likely export performance over the short-term.
The world economy got off to a good start in 2017 with a broadly synchronised recovery. Amid an improving global trade environment, Hong Kong exports are now expected to grow by 5% in 2017, vis-a-vis the zero growth forecast previously. US protectionism, political uncertainties in the EU, renewed faltering of emerging markets, disruptive slowdown of the Chinese economy and heightened geopolitical tensions are the major downside risks.