Hong Kong is set to end the year in the midst of a full-blown recession, the city's finance chief warned Thursday, as Covid-19 controls and spiraling interest rates hammer the economy. "There is a very high chance for Hong Kong to record a negative GDP growth for this year," Financial Secretary Paul Chan told reporters. "Hong Kong has been raising interests at a pace that was never seen in the past three decades," he added. Hong Kong is one of the world's wealthiest places, per capita -- although there is entrenched inequality. Hong Kong also saw a recession in 2019 when months of huge and sometimes violent democracy protests rocked the city.

Source: The Standard September 22, 2022 15:49 UTC