Hong Kong falls into re­ces­sion

The Korea Times - - WORLD -

HONG KONG (Reuters) — Hong Kong has fallen into re­ces­sion, hit by more than five months of anti-gov­ern­ment protests that show no signs of re­lent­ing, and is un­likely to achieve an­nual eco­nomic growth this year, the city’s Fi­nan­cial Sec­re­tary said.

“The blow to our econ­omy is com­pre­hen­sive,” Paul Chan said in a blog post on Sun­day, ad­ding that a pre­lim­i­nary es­ti­mate for third-quar­ter GDP on Thurs­day would show two suc­ces­sive quar­ters of con­trac­tion — the tech­ni­cal def­i­ni­tion of a re­ces­sion.

He also said it would be “ex­tremely dif­fi­cult” to achieve the gov­ern­ment’s pre-protest fore­cast of 0-1 per­cent an­nual eco­nomic growth.

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