Home Business News Hong Kong officially enters into a recession

Hong Kong officially enters into a recession

by LLB Reporter
31st Oct 19 9:44 am

Hong Kong has officially entered into a recession after months of anti-government protests which have often been violent.

In the three months to the end of September the economy shrunk by 3.1%. This is the first time the territory’s economy entered into a recession since 2009 during the financial crisis.

Tourism and retail sales have almost come to a halt as the protests have crippled the financial framework.

Paul Chan Honk Kong’s financial secretary said the territory had fallen into a recession and it is very unlikely there will be any growth this year.

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