3 minutes agoHong Kong undergoes economic recession, cause protests
Periskopi(7 years ago)
(7 years ago)Hong Kong plunged into recession for the first time in a decade. Government data confirmed on Friday that the economy was reduced by increasingly violent anti-government protests and the escalating US-Kina war. The economy contracted 3.2% in the July-September period from the previous quarter, revised data [...] showed
Government data confirmed on Friday that the economy was reduced by increasingly violent anti-government protests and the escalating US-Kina war.
The economy contracted 3.2% in the July-September period from the previous quarter, revised government data showed, Klan Kosova reports.
The gross domestic output (PBB) contracted for the second quarter consecutively, fulfilling the technical definition of a recession.
Without finishing the protests, analysts warn that the financial and commercial centre potentially faces a longer and deeper decline than during the global financial crisis in 2008/2009 and the 2003 SARS epidemic, Reuters writes.
The internal demand deteriorated significantly in the third quarter, as local social incidents received a large number of consumer-related activities,”, the government said in a statement.
