Hong Kong facing greater financial........>

HONG KONG: Hong Kong facing greater financial crisis than in 2008 or 1999 warns

city's finance chief, as he predicts 'long-lasting' impact of coronavirus (SCMP)

- Hong Kong's economy could fare even worse than expected and shrink by between

four and seven per cent this financial year because of the serious and sustained

impact of the coronavirus pandemic, the city's finance chief said. Speaking on

Wednesday during a Legislative Council debate on the government's latest budget,

Financial Secretary Paul Chan Mo-po revised his previous prediction in February,

when he said the city's gross domestic product this year would fall by 1.5 per

cent, or grow by 0.5 per cent at the most. "The magnitude of Hong Kong's

economic recession in the first quarter could be worse than 2008's global

economic tsunami, or the 1999 Asian financial crisis," Chan said.

- Link: https://tinyurl.com/yce5328h