HONG KONG: Hong Kong has tipped back into a technical recession, new government figures showed on Monday , weighed down by mounting interest rates, weakened global trade and the city's continued adherence to strict coronavirus controls.
The Hong Kong government said the economic improvement was smaller than expected due to weak performance in external trade. "Weakened global demand and continued disruptions to cross-boundary land cargo flows between the mainland and Hong Kong weighed heavily on Hong Kong's exports," the government said on Monday.
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