Five Things You Need to Know to Start Your Day

Hong Kong’s population sees record decline. US faces a rental crisis. Airbase explosions point to new Ukrainian offensive. Here’s what you need to know today.

Hong Kong’s economy will struggle to expand at all this year as the city grapples with Covid restrictions, a trade slump and global headwinds, according to the latest Bloomberg survey of economists. The government is set to cut its forecast for GDP growth on Friday. Strict Covid curbs have all but shut tourists out of the city, while outbreaks and restrictions in mainland China have hurt trade. Hong Kong’s population saw a record decline in the year ended June 30, with 121,500 — or 1.6% of the population — fleeing the city. Elsewhere in Hong Kong, Cathay Pacific remains optimistic about the future after calling for a clear roadmap to remove all quarantine restrictions, and the city’s ban on products containing CBD is leaving some businesses facing ruin.