3 in 4 SMEs expect sales growth in 2023

Business optimism has prompted 58% of SMEs to increase their headcount.

Three out of four small businesses in Hong Kong (74%) are expecting growth in their sales this year, data from CPA Australia's Asia-Pacific Small Business Survey showed.

CPA Australia said border reopening and improved economy boosted businesses' confidence. Six in 10 businesses expect economic growth in 2023.

“This optimistic sentiment can be partly attributed to the recovery from the low base of the past three years,” added Cliff Ip, Deputy Divisional President of CPA Australia – Greater China.

READ MORE: What can lead Hong Kong’s economy to rebound

In 2022, more than half (56%) of small businesses grew.

"Bolstered by government relief measures, small businesses in Hong Kong overcame a particularly challenging period and recovered quickly in the second half of 2022," Ip said.

Meanwhile, Business optimism has prompted more than half (58%) of small businesses to increase their headcount this year and pushed 89% to innovate in the next 12 months.