Hong Kong’s Recession Extends With 9% Drop in Second Quarter
- Reading is worse than median economists’ forecast of -8.3%
- Current stretch one quarter behind longest recession on record
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Hong Kong’s economy contracted for the fourth straight quarter as the coronavirus pandemic and political tensions extend the city’s first recession in a decade.
The territory’s economy contracted 9% in the second quarter from a year earlier, according to an advance reading from the Census and Statistics Department Hong Kong. That’s worse than the median forecast of -8.3% and follows a revised 9.1% drop in the first quarter that was the worst dating to 1974 data.