Hong Kong Government: Brace for recession, export fall as quarter ends
HONG KONG Financial Secretary John Tsang has issued a warning that the territory may well go into recession if negative growth is posted at the end of the third quarter on September 30 as many expect after the local economy suffered a 0.1 per cent contraction in the second quarter.
"Hong Kong exports will remain gloomy for an extended period," said Mr Tsang. "Last year, we launched a series of fiscal measures to boost domestic consumption, which have helped stabilise the economy and kept the unemployment rate at a low level of 3.2 per cent. However, we note the growth in the retail sector slowed to 1.3 per cent year on year, net of the price adjustment in July."
Mr Tsang warned that the public should not overlook the increasing risk of unemployment in the coming quarters.
DATE:2012.9.17
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