- Local trade has been buffeted by the US-China trade war and political unrest on the streets
- It would be the first annual decline since 2009
Hong Kong's economy is expected to shrink by 1.3 per cent this year under the shadow of the US-China trade war and political unrest in the city, officials said on Friday.
It would be the first annual decline since 2009.
The government downgraded its forecast for the city's gross domestic product (GDP) expansion for the second time this year, from a previous prediction of between 0 and 1 per cent growth. The initial estimate, before August, was 2 to 3 per cent.
The year-on-year figure for the third quarter showed a drop of 2.9 per cent, the biggest year-on-year contraction in a decade.
Earlier this month, Financial Secretary Paul Chan Mo-po warned a further downgrade for 2019 might be "unavoidable" and there was a "very big chance" the city would be in recession for the whole year.
More to follow …
Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
