Economics
Pandemic and Politics Push Hong Kong’s Economy Into Record Slump
- Surpasses previous low set during the Asian financial crisis
- Latest decline also marks third straight quarterly contraction
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Hong Kong’s economy suffered its worst quarter on record, extending the first recession in a decade as the coronavirus pandemic battered a city already weakened by political unrest.
The economy contracted 8.9% in the first quarter from year-ago levels, according to the government. The decline surpasses the previous record of -8.3% in the third quarter of 1998 and a 7.8% contraction in the first quarter of 2009, the two worst readings in data back to 1974, according to the Census and Statistics Department Hong Kong.