Chan said the economy is facing"enormous challenges this year", and predicted a range of 0.5 percent growth to a 1.5 percent contraction this year.The PMI index fell to 33.1, dropping below the previous low in April 2003, according to IHS Markit, whose report added the PMI averaged 39.9 so far for the first quarter.
Markit surveys around 400 private-sector companies in Hong Kong across manufacturing, construction, wholesale, retail and services to generate the index. The survey responses are collected in the second half of each month.
The figures come just days after China's PMI was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month.
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