Hong Kong’s borders have essentially been closed since early 2020, with few flights landing and hotel quarantine for arrivals damping demand, as the city follows mainland China in implementing a “dynamic zero” coronavirus strategy that aims to curb all outbreaks.
HONG KONG: Hong Kong’s economy contracted in the first quarter (1Q) of this year, as the city imposed its most stringent restrictions to curb an outbreak of Covid-19 that has battered business, led to an exodus of people and overshadowed the outlook for growth.
The financial centre’s economy shrank 4% in 1Q from a year earlier, breaking four quarters of growth, amid a weak performance in both domestic and external demand, the government said.
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