Hong Kong economy contracts most on record due to virus shutdown

People on May 3, 2020, enjoying the day at a beach after no local Covid-19 cases have been recorded for two weeks in Hong Kong. The govt announced Hong Kong’s downturn is now the worst on record, extending the first recession seen in a decade as the Covid-19 (coronavirus) outbreak further battered an economy already weakened by political unrest. - Reuters

HONG KONG: Government's data on Monday (May 4) showed that Hong Kong’s downturn is now the worst on record, extending the first recession seen in a decade as the Covid-19 (coronavirus) outbreak further battered an economy already weakened by political unrest.

The city’s economy contracted 8.9% in the first quarter from year-ago levels, according to advance government data.