Hong Kong🇭🇰 in First Recession for a Decade Amid ✊Protests

  |   World News

Hong Kong has confirmed it has entered its first recession for a decade as it continues to be gripped by protests.

Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.

It means the economy has contracted for two quarters in a row, which is the usual definition of a recession.

Tourists are staying away and shops are suffering amid battles between anti-government protesters and police.

"Domestic demand worsened significantly in the third quarter, as the local social incidents took a heavy toll on consumption-related activities and subdued economic prospects weighed on consumption and investment sentiment," the government said in a statement.

It now expects the economy to shrink 1.3% for the full year.

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