The Economic Research and Investment Strategy Department of Dah Sing Bank published a 2024 economic and market outlook, forecasting a significant slowdown in global inflation, with central banks such as the Federal Reserve expected to cut interest rates, while Hong Kong's economy is expected to grow by 2.5% this year. Kelvin Wan, Chief Economist and Strategist of Dah Sing Bank, predicts that if the Federal Reserve considers cutting interest rates early, the Hang Seng Index is expected to rise above 20,500 points in the first half of the year. Wan stated that the retail market in Hong Kong has not shown significant breakthrough in growth despite some signs of recovery, with a shift in consumer behavior of visiting tourists weakening the contribution of the tourism industry to Hong Kong's retail sector in the long run. Hong Kong's trade performance has slightly improved, but the growth rate is still relatively modest, reflecting that external demand has not fully stabilized yet. He estimated that Hong Kong's economy will grow by 2.5% this year, with an unemployment rate of 2.8%, inflation expected to rise by 2.1% year-on-year, and property prices expected to fall by around 5% for the entire year. In terms of investment markets, the Federal Reserve is expected to potentially start cutting interest rates this year, while mainland China is likely to introduce more measures to stabilize its economy, which could help alleviate downward pressure on Hong Kong stock valuations. The attractive valuation of the Hang Seng Index is forecasted to see the price-to-earnings ratio drop to near the 3 standard deviations below the 10-year average.