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Economy

Hong Kong economy shrinks 4% in first quarter as COVID surge bites

Downturn comes after financial hub rebounded from recession in 2021

Scores of businesses closed as the government rolled out strict measures to battle Hong Kong's worst COVID-19 outbreak.   © Reuters
PAK YIU, Nikkei staff writer | Hong Kong

HONG KONG -- Hong Kong's economy contracted 4% in the first quarter from a year earlier, government data showed Tuesday, as an omicron-driven virus outbreak slammed the brakes on business activity in the international financial hub.

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