Hong Kong economy contracts 9% in latest quarter news


Source: sparklight.com

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HONG KONG (AP) — Hong Kong’s economy shrank by 9% from a year earlier in the latest quarter, hurt by the coronavirus pandemic and facing more potential damage from the loss of U.S. trade privileges due to a security law imposed by Beijing. The performance reported Wednesday for the three months ending in June was an improvement over the previous quarter’s 9.1% contraction, the biggest since the government began reporting such data in the 1970s. Hong Kong, a center for trade, finance and tourism, already was struggling before the coronavirus prompted the government to impose travel curbs and restrictions on...