Editorial | Jabs only way to go as pandemic remains obstacle to Hong Kong’s recovery

Hong Kong has emerged from one of its longest recessions on record after six consecutive quarters of economic contraction driven by social unrest and the coronavirus pandemic. Economic growth of 7.8 per cent in the first three months this year marked an 11-year quarterly high.

But in terms of economic recovery, it is too soon to get celebratory champagne out of the cellar, let alone chill it. Nearly 8 per cent growth in gross domestic product comes off a very low base of comparison, largely set by falls of 9.1 per cent – a record – and 9 per cent in the first two quarters last year.

That said, the city’s economy is finally headed in the right direction. The question is how to keep up the momentum. Business and consumer confidence depend on it.

The answer lies in a conundrum: how to convince many, many more people to be vaccinated against Covid-19 so that normal day-to-day economic activity can fully resume. Until that happens, Financial Secretary Paul Chan Mo-po says, the pandemic remains an obstacle to recovery.

Fewer than 15 per cent of residents have had one jab and only about 8 per cent are fully vaccinated. Expansion of coverage is paramount.

It is key, for example, to the effectiveness of the “vaccine bubble” scheme allowing local and tourism-related entertainment venues to finally reopen after being shut for months – so long as staff and patrons have had the jabs.