HONG KONG -- Hong Kong on Friday cut its growth forecast for the year to between -0.5% and 0.5%, citing pandemic headwinds and a weakening global outlook as the city maintains strict COVID-19 restrictions that hurt the economy.
The new forecast was down from an earlier 1% to 2% range announced in May, while revised data also published Friday confirmed that the city slipped into recession in the quarter ended June with a 1.3% contraction. The economy declined 3.9% in the first three months of the year.
