Hong Kong and Singapore will be the worst hit economies in Asia as the fallout from Brexit continues, with Hong Kong falling into outright recession, analysts at Nomura reckon.
Rob Subbaraman, chief economist and head of global markets research for Asia ex-Japan at the bank, said his team had cut its forecast for Hong Kong’s gross domestic product by a full percentage point to -0.2 per cent, and its forecast for Singapore by -0.7 per cent to growth of 1.1 per cent.
“We’ve cut these the most because they’re the biggest financial hubs and they’re very exposed to UK banks,” said Mr Subbaraman. “They’re also very open economies and they have very managed exchange rates. In particular, there is a risk interbank rates could start rising.”
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