Hong Kong's Economy Shrank 8.9% in Q1 2020 Under COVID-19 Pressure

(22 May 2020)  The COVID-19 outbreak hammered Hong Kong's economy in Q1 2020, with GDP growth contracting 8.9 percent YoY. The economy was already mired in recession from political unrest and the trade war between China and the United States. This was Hong Kong's largest contraction since current records began and was deeper than the 8.3 percent contraction during the Asian Financial Crisis in 1998 and the 7.8 percent during the Global Financial Crisis (2008-2009).

 

Looking forward, GDP growth is likely to remain negative next quarter as the pandemic hits tourism activity and retail sales struggle to rebound. The deepening recession will also be dragged out by reduced investment as business sentiment and investor confidence are likely to remain subdued.

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