Hong Kong economy tips into technical recession

Hong Kong, China --- Hong Kong has tipped back into a technical recession, new government figures showed Monday, weighed down by mounting interest rates, weakened global trade, and the city's continued adherence to strict coronavirus controls. Following a year-on-year decrease of 3.9 percent in the first quarter of 2022, the city's GDP again reported a decline in the second quarter on Monday -- but with a narrower margin of 1.4 percent -- according to advance estimates released by the Census and Statistics Department. The downturn is reversing last year's recovery when the economy enjoyed a 6.3 percent annual growth after the slowdown in 2019 and 2020, when the city was first u...

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