Hong Kong’s export-led economy, a barometer of global growth, is sinking into a recession that is likely to last for at least a year, said Daiwa Capital Markets economist Kevin Lai.
“Global demand is really weak and we expect the U.S. and Europe will see a sharp slowdown, or near-zero growth, next year,” Lai said in a phone interview in the city today. “A recession is a reality for Hong Kong.” An 11 percent decline in Hong Kong’s merchandise exports in the second quarter from the previous three months highlights the weakness.
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