Hong Kong on verge of technical recession
Print Edition
HONG Kong Chief Executive Carrie Lam said yesterday that the city’s economy may enter a technical recession and record a negative full-year growth for 2019, and calling for an end to violence soon.
The HKSAR government’s economic advisers are scheduled to publish the estimates on Hong Kong’s economic growth in the third quarter of 2019 tomorrow. If the quarter-on-quarter economic growth in the third quarter turns out to be negative, together with the negative growth in the second quarter, it will indicate that Hong Kong’s economy is entering a technical recession, Lam said.
In August, the HKSAR government revised downward the real economic growth forecast for 2019 as a whole to 0 to 1 percent, from an earlier estimate of 2 to 3 percent. However, it is now estimated that the full-year growth for 2019 is likely to be negative.
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