Hong Kong likely to record negative economic growth in 2019: Lam

Executive leer of Hong Kong Carrie Lam said on October 29 that month-long unrest in city has disrupted business and tourism sectors. She expects Asian financial hub to record negative ecomic growth for full year of 2019 as city suffered from five months of violent anti-government protests. Lam spoke two days after Financial Secretary Paul Chan said that Hong Kong is facing a major ecomic decline and is unable to achieve any growth in current fiscal year.

protests sparked over a w-withdrawn extrition bill which would have allowed suspects to be sent to mainland China for trial. It resulted in huge protest for destroying ir democracy and rights and spurred city into its biggest political crisis in deces. It also h a negative impact on ecomy.

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Negative growth estimated for 2019

Lam said that according to ir recent estimation full year of 2019 will likely show negative growth and ded that situation is very serious. She furr ded that Hong Kong would t be able to achieve alrey revised down positive growth of 0-1%. According to a preliminary assessment, third-quarter GDP on Thursday is expected to show two successive quarters of recession. Lam, who is supported by Beijing government, said that government would take drastic steps to strengn ecomy once unrest in Chinese ruled city settles. However, she did t describe more about government measures. government in previous week unveiled relief measures of HK$2 billion, following an HK$19.1 billion pack in August to support ecomy.

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Beijing govt backs Hong Kong's ministration: Lam

On Sunday, black-cl and masked demonstrators set ablaze shops and pelted petrol bombs at police. Lam said that central government in Beijing is confident about her ministration could gain back rmalcy in city and is standing with her in maintaining law and order. Protestors are upset because y find Beijing interfering with Hong Kong's ministration. China denies interference and has accused foreign governments, including US and Britain for creating tensions. tourism industry has seen a drastic decline down nearly 50 percent in October. city is also struggling with rising unemployment and bankruptcies.

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