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Hong Kong's leader issues fresh recession warning | Hong Kong's leader issues fresh recession warning |
(2 days later) | |
Hong Kong's leader Carrie Lam said the territory is likely to record negative growth for the year as months of protests have knocked the economy. | Hong Kong's leader Carrie Lam said the territory is likely to record negative growth for the year as months of protests have knocked the economy. |
The unrest has disrupted businesses and dealt a particularly heavy blow to the tourism and retail sectors. | The unrest has disrupted businesses and dealt a particularly heavy blow to the tourism and retail sectors. |
The warning comes ahead of preliminary gross domestic product figures due on Thursday that are expected to show Hong Kong entered a technical recession. | The warning comes ahead of preliminary gross domestic product figures due on Thursday that are expected to show Hong Kong entered a technical recession. |
That is defined as two consecutive quarters of negative growth. | That is defined as two consecutive quarters of negative growth. |
In a briefing in Hong Kong on Tuesday, Ms Lam said the third quarter growth numbers are likely to show that outcome. | In a briefing in Hong Kong on Tuesday, Ms Lam said the third quarter growth numbers are likely to show that outcome. |
To combat the slowdown, she said the city has so far injected more than HK$20bn ($2.6bn; £2bn) to support the economy including the transport, tourism and retail sectors. | To combat the slowdown, she said the city has so far injected more than HK$20bn ($2.6bn; £2bn) to support the economy including the transport, tourism and retail sectors. |
Ms Lam said the government will deliver more relief measures, without giving specific details. | Ms Lam said the government will deliver more relief measures, without giving specific details. |
Her comments follow a similar warning from the territory's Finance Secretary Paul Chan over the weekend. He said it would be "extremely difficult" to hit the government's pre-protest forecast of growth of between 0% and 1% for 2019. | Her comments follow a similar warning from the territory's Finance Secretary Paul Chan over the weekend. He said it would be "extremely difficult" to hit the government's pre-protest forecast of growth of between 0% and 1% for 2019. |
"The blow to our economy [from the protests] is comprehensive," Mr Chan said. | "The blow to our economy [from the protests] is comprehensive," Mr Chan said. |
The demonstrations began over a proposed extradition bill between the territory and mainland China, and have evolved into demands for greater freedoms. | The demonstrations began over a proposed extradition bill between the territory and mainland China, and have evolved into demands for greater freedoms. |
Hong Kong is part of China, but its citizens have more autonomy than those on the mainland. | Hong Kong is part of China, but its citizens have more autonomy than those on the mainland. |
Clashes between police and activists have become increasingly violent, with police using tear gas and protesters storming parliament. | Clashes between police and activists have become increasingly violent, with police using tear gas and protesters storming parliament. |
Those protests have led to a sharp decline in tourist arrivals, with visitor numbers expected to have slumped 50% in October. | Those protests have led to a sharp decline in tourist arrivals, with visitor numbers expected to have slumped 50% in October. |
Retailers have also been hard hit. Some shops have been forced to shorten trading hours, while workers report fears over their safety as well as getting to work. | Retailers have also been hard hit. Some shops have been forced to shorten trading hours, while workers report fears over their safety as well as getting to work. |
Mr Chan said in August that retail sales had plunged more than 25% - the biggest monthly drop on record. | Mr Chan said in August that retail sales had plunged more than 25% - the biggest monthly drop on record. |
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