Citibank predicts lingering HK recession

Business | 18 Nov 2019 3:55 pm

Citibank expects Hong Kong's economy to fall by 3 percent in the fourth quarter and contract by 1.3 percent for the year.

It revised down the growth forecast to 0.7 percent as the tourism sector needs time to recover and the global trade is likely to remain weak.

Citibank expects the government to roll out more fiscal stimulus policies, and said the damage caused by protests will dent the recovery of investment.

It also estimates that Hong Kong's recession will last untill next year amid the ongoing social unrest.

 

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