Hong Kong finance chief warns of high chance of recession by year-end

Hong Kong's currency, which is pegged to the United States dollar, is expected to further dampen market sentiment following the US Federal Reserve's rate hikes. – EPA pic, September 22, 2022.

HONG Kong is set to end the year in the midst of a full-blown recession, the city’s finance chief warned today, as Covid-19 controls and spiralling interest rates hammer the economy. 

“There is a very high chance for Hong Kong to record a negative GDP (gross domestic product) growth for this year,” financial secretary Paul Chan told reporters. 

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