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.
The financial and trade centre was already under strong pressure from the prolonged tariff war between Washington and Beijing, but the increasingly violent demonstrations, which have gone on for more than five months, have delivered a decisive blow. August retail sales were the worst on record - down 23 per cent from a year earlier - while September's plunged 18.3 per cent.
The protests have presented the city - one of the world's most important financial hubs with total banking, fund and wealth management assets worth more than US$6 trillion - with its biggest political crisis in decades.
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