Hong Kong economy could shrink as much as 7% in 2020: finance chief

Hong Kong Financial Secretary Paul Chan said Wednesday the city’s economy is estimated to contract between 4 percent and 7 percent this financial year as the impact of the coronavirus pandemic was worse than expected.”The scale of contraction of Hong Kong’s economy in the first quarter this year could be much worse than that during the (2008) global economic tsunami or the Asian financial crisis (in 1997-1998),” Chan told the Legislative Council. “The impact of the epidemic on the economy is more severe and long-lasting than expected.”Chan had earlier forecast gross domestic product for the 20…

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