(Photo by REUTERS)
According to the advance estimates, Hong Kong’s Gross Domestic Product (GDP) decreased by 8.9% in real terms in the first quarter of 2020 from a year earlier, compared with the decrease of 3.0% in the fourth quarter of 2019. The 8.9% decrease was the largest decline on record since the first quarter of 1974.
A Government spokesman said that the economic recession deepened as the threat of coronavirus pandemic seriously disrupted a wide range of local economic activities and supply chains in the region.
Hong Kong’s Financial Secretary pointed out that the economic situation is very challenging. He said that although locally the epidemic situation seems to get better, globally it is yet to be put under complete control. He believes that even if there is an improvement in the second quarter, it will be gradual and small.