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Hong Kong 2019 exports seen as worst in decade, trade body says
[HONG KONG] Hong Kong's economic situation continues to darken, with the city's trade body now expecting exports to shrink this year to the worst levels in a decade amid the ongoing US-China trade war and slowing global economy.
The Hong Kong Trade Development Council slashed its 2019 growth forecast to a 4 per cent% contraction, a further reduction from prior expectations of 2 per cent growth in June, Director of Research Nicholas Kwan said in a press release.
Such a reading "will be the worst year since 2009," Mr Kwan said in a briefing detailing the revision. "It is one of the worst in a decade without a major, major financial crisis."
Hong Kong's economy has come under intense pressure this year, buffeted by twin headwinds from the trade war abroad and domestically by months of anti-government protests that have also severely disrupted the city's retail and tourism sectors.
The city's exports decreased for a ninth straight month in July, down 5.7 per cent, according to the most recent reading from the Hong Kong Census and Statistics Department. The measure retreated the most since February 2016 in June, the data show.