The economic situation in Hong Kong is worsening even further. This time the trade council in the city said that there will be a shrink in exports this year.
The decline will be the worst the city has seen in the last 10 years as reported by Bloomberg.
The growth forecast for this year has been brought down by 4%, further from previous growth forecast of 2%, back in June, Director of Research Nicholas Kwan, The Hong Kong Trade Development Council said in a press release.
Such a reading “will be the worst year since 2009,” Mr Kwan said in a briefing detailing the revision. “It is one of the worst in a decade without a major, major financial crisis.”
Hong Kong’s retail and tourism sectors have been severely disrupted due to both the trade wars and local protests.
The exports have been declining every month this year. It was down 5.7 % in the month of July, according to Hong Kong Census and Statistics Department.