6.5 C
New York
Saturday, December 5, 2020

Hong Kong GDP has begun collapsing at its highest rate

Must Read

Scientists explain why some animals are immune to coronavirus

Some species of animals - pigs, rats, birds - are less susceptible or even immune to coronavirus. A group of...

Czech researchers invent anti-COVID paper that kills bacteria and viruses

Anti-covid paper can destroy SARS-CoV-2 coronavirus up to 100% in 30 minutes. A team of researchers from the Czech Republic...

Scientists locate the oldest habitable region of Mars

The ideal region to host life on the red planet could be located several kilometers below its surface, said...
Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at Revyuh.com since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com

In the third quarter of 2019, Hong Kong’s GDP has fallen at the highest rate since 2009, by 3.2%, and a recession has begun in the region’s economy. In the second quarter, Hong Kong’s economy fell by 0.4% compared with January-March.

In annual terms, in the third quarter, the economy declined by 2.9% after rising 0.5% in the previous quarter.

The pace of the economic downturn exceeded all expert forecasts. For the last five months, mass protests continued in the city, which led to a political crisis, a decline in investor confidence in the region, and a decline in retail sales and tourism. Now experts are discussing how long the recession will last.

Earlier this month, Hong Kong Minister of Finance Paul Chan unveiled a package of measures totalling about 2 billion Hong Kong dollars ($ 255 million), dedicated to supporting the tourism industry and the transport sector. Earlier this week, Chan announced that he considers the recession in Hong Kong’s economy “very probable” for the whole of 2019: “It seems to be very difficult to achieve a forecast of GDP growth of up to 1% this year, and, with a high probability, the economy will decline” According to him, the protests caused massive damage to the city’s economy.

The Hong Kong Monetary Authority (HKMA, the de facto central bank) on Thursday cut its key interest rate following the Federal Reserve System (FRS) to 2% from 2.25%. The Hong Kong dollar is pegged to the US dollar, and HKMA follows the Fed policy.

Eddie Yue, who is responsible for monetary policy at HKMA, said that there is currently no significant outflow of capital from Hong Kong. He noted that the Hong Kong dollar as a whole is stable.

Protests in Hong Kong began in June against proposals for amendments to the law that would allow authorities to expel suspected criminals to mainland China. The bill was withdrawn in October, but protests continued with new demands.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Scientists explain why some animals are immune to coronavirus

Some species of animals - pigs, rats, birds - are less susceptible or even immune to coronavirus. A group of...

Czech researchers invent anti-COVID paper that kills bacteria and viruses

Anti-covid paper can destroy SARS-CoV-2 coronavirus up to 100% in 30 minutes. A team of researchers from the Czech Republic Institute of Chemical Process Fundamentals (ICPF)...

Scientists locate the oldest habitable region of Mars

The ideal region to host life on the red planet could be located several kilometers below its surface, said a team of researchers from...

Scientists find a drug that quickly blocks the transmission of COVID

The antiviral drug Molnupiravir prevents the coronavirus from progressing to severe disease. Scientists from the Institute for Biomedical Sciences, Georgia State University, have found a...

NASA to buy Lunar soil from a private firm at a price of Cheeseburger

NASA has announced the first contracts with private space companies, under which they will mine the soil on the moon and transfer it to...
- Advertisement -

More Articles Like This

- Advertisement -