Hong Kong’s Economy Shrank Again in the Second Quarter
Hong Kong’s economy shrank again in the second quarter, reflecting the corona crisis and political and social unrest as a result of the growing influence of the Chinese government.
The contraction was 9 percent year-on-year.
The first quarter saw a decline of an adjusted 9.1 percent, the most muscular contraction since measurements began in 1974.
The city-state’s economy has been shrinking for four quarters in a row.
Months of protests for greater freedom and democracy in China’s Special Administrative Region undermined retail sales and tourism to Hong Kong. Then came the corona crisis.
Unemployment in Hong Kong has risen by more than 6 percent to its highest level in 15 years. Hong Kong is now on track for the most prolonged recession ever recorded.