Hong Kong's economy suffers worst quarterly contraction in history

HONG KONG: Hong Kong’s economy suffered its worst quarterly contraction since modern records began, official figures showed Monday, as the coronavirus hammered a business hub already mired in recession from political unrest and trade war woes.

But fallout from the coronavirus has pushed the city deeper into recession with the worst quarterly downturn in modern times. That figure beats both an 8.3% contraction during the Asian financial crisis in 1998 and a 7.8% drop in early 2009 following the global crash.

I would LOVE to see HK turns into the Lebanon or Palestine of SE Asia. Give Chinese armies a realistic training ground for war, and Taiwan a first person view of what they can expect. Not to mention having its financial functionality diverted to Shanghai, Singapore and maybe KL.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong economy contracts most on record due to virus shutdownHONG KONG: Government's data on Monday (May 4) showed that Hong Kong’s downturn is now the worst on record, extending the first recession seen in a decade as the coronavirus outbreak further battered an economy already weakened by political unrest. The city’s economy contracted 8.9% in the first quarter from year-ago levels.
Source: staronline - 🏆 4. / 75 Read more »