HONG KONG: Hong Kong sank into recession for the first time in a decade in the third quarter, government data confirmed on Friday, weighed down by increasingly violent anti-government protests and the escalating US-China trade war.
With no end to the protests in sight, analysts warn the financial and trading centre potentially faces a longer and deeper slump than during the global financial crisis in 2008/2009 and the SARS epidemic in 2003.The readings were the weakest since the global crisis. More than five months of political protests have plunged the city into its worst crisis since it reverted from British to Chinese rule in 1997.
Parts of the city were paralysed for a fifth day on Friday. Transportation disruptions have become common and some shopping malls and other businesses are shuttering early as the unrest escalates.Hong Kong is one of the world’s most important financial hubs with total banking, fund and wealth management assets worth more than US$6 trillion.
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.
Source: NST_Online - 🏆 17. / 53 Read more »