HONG KONG (Bloomberg): Hong Kong Financial Secretary Paul Chan expects the city’s economy to contract as much as 7% this year amid the global coronavirus pandemic, much worse than his original projection when presenting the budget in February.
The economy will contract between 4% and 7%, Chan said in the Legislative Council, according to an online transcript. The advance first-quarter gross domestic product reading due May 4 may be worse than what the city had experienced during the global financial crisis and the Asian financial turmoil, Chan said.