A survey conducted by the Association of Chartered Certified Accountants reported that 39 percent of the respondents expected Hong Kong's economic performance in 2019 to be poor, 31 percentage points higher than last year.
ACCA Hong Kong head of policy Eunice Chu said that for the coming few months, Hong Kong's economic indicators would see signs of easing.
In the survey of 318 ACCA members in November last year, 48 percent of respondents said that Hong Kong GDP growth would remain 0 to 1.99 percent while 47 percent said 2 percent or more, 21 percentage points down from last year.
Forty-six percent said the Greater Bay Area would be the key factor bringing positive impact to Hong Kong in 2019, while 78 percent said trade war disputes would have a negative impact and more than 50 percent said trade war tension would result in recession in China and Hong Kong.
The Greater Bay Area would have a positive impact on Hong Kong public practice, especially on accounting firms, 41 percent said, while 94 percent said the Greater Bay Area would have little impact on local real estate rentals.
Among all industries, 41 percent said manufacturing would face the greatest challenges in 2019.