Hong Kong Facing Threat of Worst Recession Ever, Finance Chief Paul Chan Warns, as He Predicts Coronavirus will have ‘Long-Lasting’ Impact

Hong Kong’s economy will take a much bigger hit than expected, shrinking by 4 to 7 per cent this year because of the serious and sustained impact of the coronavirus pandemic, the city’s finance chief has warned.
Barely two months after making a rosier prediction in his latest budget – when he forecast that gross domestic product (GDP) for the year would shrink by up to 1.5 per cent or grow by up to 0.5 per cent – Financial Secretary Paul Chan Mo-po told lawmakers on Wednesday that the city was facing the threat of its worst recession ever. Read More…