HK facing First Major Slowdown in 5 Yrs

HK facing First Major Slowdown in 5 Yrs

Citigroup expects Hong Kong to have first major slowdown in 5 years,
with economic growth predicted to fall to 4.5% in 2008 vs what it says
is 4.7% market consensus, 6.3% last year; looks for growth of 4.3% in
2009 vs 4.9% consensus. "As a regional trade, business and financial
center, Hong Kong cannot avoid being hit by a global slowdown and
financial turmoil. (The economy) seemed to maintain robust 6 per cent
on-year growth in the first quarter, but we see signs it is cooling."
But adds government's generous budget this year likely to sup****t,
with HK$35 billion of sweeteners or 6% of annual consumption