The Hong Kong government cuts its 2019 GDP growth forecast to -1.3%
The Q3 GDP report was unrevised and showed that the economy contracted by 3.2% q/q and annual growth declined by 2.9% y/y.
Add to the fact that the government cut its growth forecast to -1.3% from 0% to 1% previously, it signals that the economy is headed for its first annual recession in a decade.
And with the civil unrest in the city still persisting, it will only continue to sap away economic confidence and deter investors even more as we look towards next year.
