The Chinese government revealed on Friday that Hong Kong’s economy grew less than 0.5%, less than expected for the second quarter.
In the wake of political unrest in Hong Kong, the government said they are to slash the full year forecast to a range of 0 to 1% compared to the anticipated 2 to 3%.
Growing tensions between the US and China trade war and the unrest in Hong Kong’s financial hub the last three months has sparked fears it could fall into a recession.
The political unrest has severely damaged tourism, retail sales and a stock market that is taking heavy losses adding to China’s economic slowdown.
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