Financial News
Written by: Xu Shihao
2020-05-04 16:58
Date of last update: 2020-05-04 16:59The government released today's (4th) estimated economic growth (GDP) data for the first quarter. Financial Secretary Chen Maobo and government economic adviser Ou Xixiong will meet reporters at the government headquarters at 5 pm. A press conference will be broadcast live on "Hong Kong 01".
Chen Maobo published a blog yesterday, saying that Hong Kong ’s economy is in a deep recession. In 1998, it was hit by the Asian financial turmoil. Hong Kong ’s GDP fell by 8.3% year-on-year in the third quarter. After about 10 years, it was hit by the global financial tsunami in 2009. The first quarter GDP grew negative 7.8%, this year's successive attacks on social movements and epidemics, it is estimated that the performance will be even worse.
He also predicted that the latest economic forecast for Hong Kong this year will be a negative growth of 4% to 7%. If the economic contraction is close to the lower limit, it will be the worst year for the Hong Kong economy since its record in the 1960s.
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