News Snapshot:
Hong Kong’s economy shrank by 4 per cent during the first quarter of 2022, worse than previously expected by analysts, as businesses were hammered by a fifth wave of coronavirus infections and a fresh outbreak across the border in mainland China. According to preliminary data released by the Census and Statistics Department on Tuesday, the contraction is the city’s first since the fourth quarter of 2020. The figure was worse than the median 1.3 per cent decline estimated by 11 economists. The department found that all of the indicators for economic performance, such as private consumption and unemployment levels, worsened...
