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Pro-democracy protests push Hong Kong into first recession in 10 years

The economy shrank 3.2 per cent in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession

Reuters  |  Hond Kong 

Quick fixes won't solve growth problem
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Hong Kong slid into recession for the first time since the global financial crisis in the third quarter, advance estimates showed on Thursday, weighed down by increasingly violent anti-government protests and the protracted US-China trade war.

The shrank 3.2 per cent in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to the preliminary government data.

From a year earlier, the contracted 2.9 per cent. The readings were the weakest for the Asian financial hub since 2008/2009.

With no end to the protests in sight, the city's leader Carrie Lam warned on Tuesday that full-year growth could contract. Retail sales and tourism have plummeted.

 

 

First Published: Thu, October 31 2019. 14:13 IST
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