Hong Kong’s Economy Set to Contract in Fourth Quarter, Chan Says
- Six months of violent demonstrations take toll on city
- City prepares for another mass rally on New Year’s Day
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Hong Kong’s economy is set to contract in the fourth quarter as the city reels from six months of violent social unrest, the financial chief said Sunday.
“Based on the situation of these few months, it is inevitable that negative growth will continue,” Financial Secretary Paul Chan said in a blog post. “This means the government will be less flexible in using financial resources under an economic recession.”