HONG KONG: Hong Kong’s economy is set to contract in the fourth quarter as the city reels from six months of violent social unrest, the financial chief said Sunday.
"Based on the situation of these few months, it is inevitable that negative growth will continue,” Financial Secretary Paul Chan said in a blog post. "This means the government will be less flexible in using financial resources under an economic recession.”
The increasingly violent pro-democracy protests have undermined Hong Kong’s economy, discouraging tourists from visiting and slashing retail sales. Although this weekend’s gatherings were relatively muted, a mass rally approved by authorities is scheduled for Jan. 1.
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