Waiting out the lean times
Eric Lam and Enda Curran | 01 Nov 2019 00:30
Hong Kong’s economy contracted sharply in the third quarter as it entered a recession, exceeding economists’ worst estimates of the damage from nearly five months of protests.
Third-quarter gross domestic product retreated 3.2% from the previous three months, after a 0.4% contraction in the second quarter. That’s the worst slump since 2009, in the aftermath of the global financial crisis.
Two consecutive periods of negative growth mean Hong Kong has fallen into a technical recession. The economic debate now is focused on how long the downturn will last, if recent glimmers of stabilisation point to a bottom, and if the US-China trade war and the demonstrations have done lasting damage.
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