Months of anti-government protests last year pushed Hong Kong into its first annual recession in a decade.
Hotels, retailers, restaurants and construction are among the industries that were hit hardest as companies shorten hours and shutter operations, Chan wrote in a blog on Sunday.Chan’s remarks come as Hong Kong is set to release February jobs data on Tuesday. Months of anti-government protests last year pushed Hong Kong into its first annual recession in a decade, with economists forecasting a second contraction in 2020 as disruptions from the coronavirus outbreak further depress output.
The Hong Kong Monetary Authority on Monday reduced its benchmark interest rate, following the Federal Reserve’s move.
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