Hong Kong faci

ng threat of w
orst recession
ever
• Paul Chan says economy could shrink by between 4 and 7 per cent, w
ith recession worse than during global economic tsunami or Asian f
inancial crisis
• Financial secretary urges lawmakers to pass his budget and calls o
n people to resolve their differences
• Exports were down 9.7 per cent in the first quarter, while retail
sales tumbled 34 per cent year on year in the first two months of
2020.
• Tourist arrivals went into free fall in March, slumping 99 per cen
t year on year, after a 96 per cent plunge in February.
• Unemployment surged to 4.2 per cent in the January to March period
, the highest rate in nine years, rising 0.5 percentage points com
pared with the three months to February.
• https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3082
062/hong-kong-facing-greater-financial-crisis-2018-or