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Hong Kong Falls Into First Recession In 10 Years

Posted by Amarachi on Thu 31st Oct, 2019 - tori.ng

The city's economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession.

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Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted U.S.-China trade war.

Five months of protests have battered the Chinese-ruled city’s retail and tourism sector, and there is no sign of the demonstrations abating. Police tightened security on Thursday ahead of more potential clashes.

The city’s economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.



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