Hong Kong’s economy records worst contraction since 2020

The city’s economy has been under strain for months from the global slowdown and trade disruptions with China. - AFP

HONG KONG (The Straits Times/Asia News Network): Hong Kong’s economy recorded its worst contraction in more than two years as the financial hub’s recovery was stymied by weak global demand, China’s continued Covid-19 curbs and a slow reopening from years of pandemic isolation.

Gross domestic product plunged 4.5 per cent in the July-to-September period from a year earlier, according to advance estimates released by the government on Monday.