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Home / Business News / Hong Kong cuts economic growth forecast to record low amid Covid pandemic

Hong Kong cuts economic growth forecast to record low amid Covid pandemic

“If the current wave of local infection can be contained within a short time and barring any further sharp deterioration in the external environment, economic performance for 2020 as a whole can hopefully fall within the upper half of the range forecast,” the government statement said.

business Updated: Aug 14, 2020 15:08 IST
Bloomberg| Posted by: Harshit Sabarwal
Bloomberg| Posted by: Harshit Sabarwal
The government also provided an unchanged final GDP reading for the second quarter of -9% on a year-on-year basis, and -0.1% from the prior quarter.
The government also provided an unchanged final GDP reading for the second quarter of -9% on a year-on-year basis, and -0.1% from the prior quarter.(Reuters file photo)

The Hong Kong government has revised its 2020 forecast for the city’s economy to a record low range of -6% to -8% amid the global coronavirus pandemic and heightening trade tensions.

The latest forecast is worse than the prior projection of -4% to -7%, according to a government statement. The government also provided an unchanged final GDP reading for the second quarter of -9% on a year-on-year basis, and -0.1% from the prior quarter.

“If the current wave of local infection can be contained within a short time and barring any further sharp deterioration in the external environment, economic performance for 2020 as a whole can hopefully fall within the upper half of the range forecast,” the report said.

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