Hong Kong on Wednesday said advance estimates showed its economy shrank by 9% in the second quarter compared to a year ago — the city's fourth consecutive quarter of year-on-year contraction.
Hong Kong is experiencing a flare up in coronavirus, with its leader Carrie Lam warning that the city's health-care facilities could be overwhelmed.Several economists have downgraded their economic forecasts for Hong Kong as the semi-autonomous Chinese territory experiences aHong Kong said Wednesday that advance estimates showed its economy shrank by 9% in the second quarter compared to a year ago.
Economists agreed that stricter social-distancing measures imposed after a recent flare up in cases will dampen any economic momentum. But some don't share the government's view that a recovery could come this year.Economists at consultancy Capital Economics forecast an 8% contraction in the Hong Kong economy this year — close to doubling their previous projection of a 4.5% contraction.
"Until a few weeks ago, Hong Kong's economy looked set to start recovering this quarter," the economists said in a Wednesday note, pointing to theof 10,000 Hong Kong dollars that looked set to help lift economic activity after being disbursed earlier this month.
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