Hong Kong economy shrinks record 8.9% in first quarter | The Malaysian Insight

Advance figures released today shows the Hong Kong economy contracted 8.9% in the first quarter compared to the same period last year. – EPA pic, May 4, 2020.

HONG Kong’s economy suffered its worst quarterly contraction since modern records began, official figures showed today, as the coronavirus hammered a business hub already mired in recession from political unrest and trade war woes. The semi-autonomous Chinese city was suffering long before the global pandemic burst out of China thanks to months of debilitating street protests and the knock-on effect of Washington and Beijing’s trade dispute.

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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.
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