(Bloomberg) -- The economic downdraft caused by Hong Kong’s protests is worse than that during the SARS epidemic and the 2008 global financial crisis, Chief Executive Carrie Lam said.
Speaking in Hong Kong Friday, Lam admitted that many people are unsatisfied with the government but that doesn’t mean they can hurt the city. Lam said measures are needed to support the economy.
Weeks of protests over the government’s extradition bill have hit confidence, retail spending and business activity hard at a time when the economy was already slowing. Gross domestic product contracted in the second quarter from the previous three months, leaving open the prospect of a technical recession if the unrest continues.
Hong Kong witnessed the deepest deterioration in private sector conditions for over a decade at the start of the third quarter, according to IHS Markit. The former British colony’s purchasing manager gauge sank to 43.8 in July from 47.9 in June.
--With assistance from Annie Lee.
To contact the reporters on this story: Jeffrey Black in Hong Kong at firstname.lastname@example.org;Natalie Lung in Hong Kong at email@example.com
To contact the editors responsible for this story: Jeffrey Black at firstname.lastname@example.org, Karen Leigh, Daniel Ten Kate
©2019 Bloomberg L.P.
BNN Bloomberg Picks
Loonie struggles: This is what is dragging the Canadian dollar lower
David Burrows' Top Picks: September 26, 2022
Apple music takes over Pepsi as presenter of Super Bowl halftime show
Five-out-of-six major Canadian airports fell below North American satisfaction average
Argentina government intervenes after country runs out of World Cup stickers
OceanSky bets on luxury 'air cruises' with first departure set for 2024