Hong Kong to unveil depth of recession amid protests, trade war

HONG KONG: Hong Kong is expected to confirm on Friday it plunged into recession for the first time in a decade, amid concerns the economy could be in even worse shape than feared as months of anti-government protests take a heavy toll.

"We assume the violent protests will continue for the whole year in 2020 unless the Hong Kong government will do something really special , which it seems to be avoiding," said Iris Pang, Greater China economist at ING, who expects the economy to shrink by 2.2per cent in 2019 and 5.3per cent in 2020.

Shopping malls near the heart of the financial center that house some of the world's biggest luxury brands have shuttered early most days this week as the unrest escalated, with tear gas smoke billowing between skyscrapers, at times during lunch hour.

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