Hong Kong Experienced its First Recession in 10 years at the Third Quarter of 2019

TRIBUNBATAM.id - Hong Kong's economy slipped into recession for the first time in 10 years in the third quarter of 2019.

Reporting from CNBC, Saturday (2/11/2019), the recession was triggered by an increase in anti-government protests that ended in chaos and the US-China trade war that never ended.

Protests that have lasted for five months have hit the retail and tourism sectors of Hong Kong. Until now there were also no signs that the demonstration would subside.

Police officers also tightened security on Thursday (10/31/2019) to anticipate potential clashes. 

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Hong Kong's economy contracted 3.2 percent in the third quarter of 2019, according to preliminary authority data.

This is a contraction for two consecutive quarters, meeting the recession technical requirements.

Previously, Hong Kong's economic growth had contracted 2.9 percent. This is the lowest number for Hong Kong since the 2008-2009 global financial crisis. 

"Domestic demand has worsened significantly," the Hong Kong government wrote in a statement.

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"In line with the weakening economic conditions caused by sluggish consumer sentiment and large-scale demonstrations causing disruption in the retail sector, food, and other sectors related to consumers. Private consumption recorded the first record decline in more than 10 years," added the government. 

The government stated that with no signs of demonstrations abating, private consumption and investment sentiment will continue to be affected.

In its research report, Capital Economics stated, although Hong Kong's economic growth will remain contracted in the fourth quarter of 2019, the pace is predicted to be slower. (*) 

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