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Hong Kong suffers first recession in a decade – business live

Hong Kong suffers first recession in a decade – business



Rolling coverage of the latest economic and financial news, as Hong Kong’s economy tumbles into recessionBreaking: Hong Kong in recessionGDP plunged by 3.2% in last quarterPro-democracy protests hit tourism and spendingEarlier:Introduction: Chinese factories suffer another contractionUS Federal Reserve cut interest rates last nightComing up: Eurozone GDP at 10am 9.28am GMT Hong Kong’s economy has also been hurt by the ongoing trade war between the US and China.Hong Kong on Thursday confirmed it had plunged into its first recession since the global financial crisis as months of seething pro-democracy protests and the US-China trade war exact a heavy toll on the financial hub.The semi-autonomous Chinese city has been upended by nearly five months of huge, often violent, pro-democracy demonstrations with little end in sight as Beijing and city leaders adopt a hardline approach. Hong Kong has slid into a recession for the first time since the global financial crisis in the third quarter, advance estimates show. It’s largely due to on-going anti-government protests, and the protracted U.S.-China trade war. #HongKong #recession 9.18am GMT The Financial Times points out that several economists predict the recession could intensify in the next few quarters:Iris Pang, an economist at ING, an investment bank, forecast that the economy would shrink in all four quarters next year. Continue reading…



Source link : https://www.theguardian.com/business/live/2019/oct/31/chinese-factories-shrink-eurozone-gdp-germany-italy-pound-business-live

Author : Graeme Wearden

Publish date : 2019-10-31 09:28:27

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Tags : The Guardian

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