Hong Kong confirmed that it had fallen into recession as the financial hub felt the impact of protests that have been going on for months and the effects of the U.S.-China trade war
HONG KONG - Hong Kong sank into recession for the first time in a decade in the third quarter, government data confirmed on Friday, weighed down by increasingly violent anti-government protests and the escalating U.S.-China trade war.
Gross domestic product contracted for the second consecutive quarter, meeting the technical definition of a recession. “Domestic demand worsened significantly in the third quarter, as the local social incidents took a heavy toll on consumption-related activities and subdued economic prospects weighed on consumption and investment sentiment,” the government said in a statement.
More than five months of political protests have plunged the city into its worst crisis since it reverted from British to Chinese rule in 1997. Parts of the city were paralyzed for a fifth day on Friday. Transportation disruptions have become common and some shopping malls and other businesses are shuttering early as the unrest escalates.Hong Kong is one of the world’s most important financial hubs with total banking, fund and wealth management assets worth more than $6 trillion.
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