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Hong Kong economy shrinks 3.5% in 2022 on COVID blues

Weak global outlook also weighs as city property prices sink

Hong Kong's economy was knocked by strict COVID curbs that isolated the financial hub from the rest of the world.   © Reuters

HONG KONG -- Hong Kong's economy shrank by 3.5% in 2022 as the financial hub grappled with its worst virus outbreak and strict COVID curbs that hurt growth as a weak global outlook aggravated the downturn.

The drop was bigger than a government forecast for a 3.2% contraction, which had already been revised down twice since May, as a slump in exports worsened the situation while property prices tumbled.

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