Hong Kong SAR’s economy has continued to recover, with growth in 2025 stronger than expected, supported by robust technology-related exports, improving private demand, and a rebound in financial market activity. The territory has also reinforced its position as a global financial center and super-connector between the Chinese mainland and the rest of the world. However, the recovery remains ongoing and economic activity is still below its pre-pandemic trend, while headwinds—including weak private investment and declining labor force participation, both of which remain below pre-pandemic levels—persist.  [...]