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Hong Kong economy shrinks for first time in a decade

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HONG KONG: Hong Kong confirmed on Monday (Feb 3) it plunged into recession in 2019, suffering its first annual contraction in a decade as the city buckled under the twin pressures of the US-China trade war and months of unwanted pro-democracy protests.

The data was released as the semi-autonomous city begins the lunar new year facing another economic crisis -- the outbreak of a deadly new coronavirus strain which began on the Chinese mainland and is compounding Hong Kong's economic woes.

But the hard times were made worse by months of seething and often violent protests seeking greater democracy and police accountability. "The local social incidents with violence during the quarter took a further heavy toll on economic sentiment as well as consumption and tourism related activities," the government said in a statement.

 

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