- Posty: 78
- Dołączył(a): 18 lut 2022, o 09:55
22 wrz 2022, o 08:45
'Very high chance' Hong Kong will end year in recession
Hong Kong is set to end the year in the midst of a full-blown recession, the city's finance chief warned on Thursday (Sep 22), as COVID-19 controls and spiralling interest rates hammer the economy.
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"There is a very high chance for Hong Kong to record a negative GDP growth for this year," Financial Secretary Paul Chan told reporters.
"Hong Kong has been raising interests at a pace that was never seen in the past three decades," he added.
The Chinese city's monetary policy moves with the Federal Reserve because its currency, one of the cornerstones of its business hub reputation, is pegged to the US dollar.
The Fed's hawkish rate hikes, aimed at curbing inflation, come at an especially difficult time for Hong Kong because it will further dampen sentiment at a time when the economy is already struggling.
The city is currently in a technical recession - recording two consecutive quarters of negative growth this year.
Hong Kong is set to end the year in the midst of a full-blown recession, the city's finance chief warned on Thursday (Sep 22), as COVID-19 controls and spiralling interest rates hammer the economy.
โหลดแอพxo We are open to players for 24/7 entry, with no closures or escapes if they are profitable.
"There is a very high chance for Hong Kong to record a negative GDP growth for this year," Financial Secretary Paul Chan told reporters.
"Hong Kong has been raising interests at a pace that was never seen in the past three decades," he added.
The Chinese city's monetary policy moves with the Federal Reserve because its currency, one of the cornerstones of its business hub reputation, is pegged to the US dollar.
The Fed's hawkish rate hikes, aimed at curbing inflation, come at an especially difficult time for Hong Kong because it will further dampen sentiment at a time when the economy is already struggling.
The city is currently in a technical recession - recording two consecutive quarters of negative growth this year.