Hong Kong to Enter Recession, Most Accurate Forecaster Says
August 15, 2011, 4:02 AM EDT
Aug. 15 (Bloomberg) -- Hong Kong’s export-led economy, a barometer of global growth,
is sinking into a recession that is likely to last for at least a year,
said Daiwa Capital Markets economist Kevin Lai.
Of nine economists in a Bloomberg News survey, Lai came closest to predicting a 0.5 percent
contraction in the city’s economy in the second quarter. Only two of the analysts expected
gross domestic product to decline from the previous three months.
The government released the data Aug. 12.
“Global demand is really weak and we expect the U.S. and Europe will see a sharp slowdown, or
near-zero growth, next year,” Lai said in a phone interview in the city today.
“A recession is a reality for Hong Kong.”
http://www.businessweek.com/news/2011-08-15/hong-kong-to-enter-recession-most-accurate-forecaster-says.html
August 15, 2011, 4:02 AM EDT
Aug. 15 (Bloomberg) -- Hong Kong’s export-led economy, a barometer of global growth,
is sinking into a recession that is likely to last for at least a year,
said Daiwa Capital Markets economist Kevin Lai.
Of nine economists in a Bloomberg News survey, Lai came closest to predicting a 0.5 percent
contraction in the city’s economy in the second quarter. Only two of the analysts expected
gross domestic product to decline from the previous three months.
The government released the data Aug. 12.
“Global demand is really weak and we expect the U.S. and Europe will see a sharp slowdown, or
near-zero growth, next year,” Lai said in a phone interview in the city today.
“A recession is a reality for Hong Kong.”
http://www.businessweek.com/news/2011-08-15/hong-kong-to-enter-recession-most-accurate-forecaster-says.html
