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.

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 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 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.