HONG KONG: Hong Kong is on the verge of its first recession in a decade as increasingly violent anti-government protests scare off tourists and ...
HONG KONG: Hong Kong is on the verge of its first recession in a decade as increasingly violent anti-government protests scare off tourists and bite into retail sales in one of the world's most popular shopping destinations.
The quarterly contraction in gross domestic product was slightly worse than an initial estimate of -0.3 per cent released just a few weeks ago, and pointed to a sharp deceleration from 1.3 per cent growth in the first quarter.Two successive quarterly contractions would meet the standard definition of a recession.
"The recent local social incidents, if continued, will cause significant disruptions to inbound tourism and consumption-related economic activities, further dampen economic sentiment, and even hurt the reputation of Hong Kong as an international financial and business centre," government economist Andrew Au said in a statement.
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