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Thu Oct 31, 2019, 01:32 PM

Hong Kong crashes into recession as protests hit economy

Hong Kong’s economy contracted sharply in the third quarter as it entered a recession, exceeding economists’ worst estimates of the damage from nearly five months of protests.

Third-quarter gross domestic product retreated 3.2% from the previous three months, after a 0.4% contraction in the second quarter. That’s the worst slump since 2009, in the aftermath of the global financial crisis. Two consecutive periods of negative growth mean Hong Kong has fallen into a technical recession.

The economic debate now is focused on how long the downturn will last, if recent glimmers of stabilization point to a bottom, and if the U.S.-China trade war and the demonstrations have done lasting damage. Financial Secretary Paul Chan said this week that a full-year economic contraction is “very likely.”

“It’s completely driven by social events, and this is something the government needs to consider,” said Raymond Yeung, chief Greater China economist with Australia & New Zealand Banking Group Ltd. “It’s obviously comparable to the global financial crisis. We have a very similar situation that we don’t know when it’s going to end.”

https://www.msn.com/en-us/money/markets/hong-kong-crashes-into-recession-as-protests-hit-economy/ar-AAJBNa3?li=BBnbfcL

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Reply Hong Kong crashes into recession as protests hit economy (Original post)
Yo_Mama_Been_Loggin Oct 31 OP
live love laugh Oct 31 #1
SterlingPound Oct 31 #2
bobbieinok Oct 31 #3

Response to Yo_Mama_Been_Loggin (Original post)

Thu Oct 31, 2019, 01:34 PM

1. Americans need to protest financially too. nt

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Response to live love laugh (Reply #1)

Thu Oct 31, 2019, 01:36 PM

2. I agree

a general strike 2 years ago would have stopped this 1 and a half years ago.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Oct 31, 2019, 02:23 PM

3. Will international corporations demand govt stop the protests--whatever it takes??

$$$$ rules everything

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