Categories: Business

hong kong economy contracts 9 per cent in Q1

Hong kong economy

new Delhi. The Hong Kong economy declined 8.9 percent year-on-year during the first quarter due to the Corona virus epidemic. This is Hong Kong's worst performance since 1974 in any quarter. The Hong Kong government said on Monday that the economy was already affected due to pro-democracy protests that began in June last year and sporadic tourism and sluggish global trade.

According to the data, exports fell 9.7 percent in the quarter. During this period, exports of services fell by 37.8 percent and consumer spending declined by 10.2 percent. Iris Pang of ING said that even though the virus cases are decreasing, business tensions are heating up again and protests are resuming. He has reported a report anticipating a long recession.

This post was published on May 4, 2020 6:59 pm

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