News Snapshot:
Hong Kong, one of the world’s financial hubs, is falling back into a second recession, illustrating the costs of loyalty to the zero-COVID policy. According to figures released on August 1, Hong Kong’s gross domestic product shrank by 1.4% in the second quarter of 2022. At least, it is a narrower margin from the 3.9% year-on-year drop in the first quarter. Bloomberg reported that Hong Kong’s economy fared worse than anticipated in the second quarter, and the city is no longer likely to grow by 1 to 2% this year as previously predicted. The final GDP data will be published...
