HONG KONG (China Daily/ANN): The novel coronavirus outbreak has posed a double whammy for Hong Kong’s economy that’s already in a recession after being battered by months of social unrest, economists said. Samuel Tse Ka-hei, an economist and senior associate at DBS Group, told China Daily the epidemic has severely affected almost all industries, especially the retail, tourism and trade sectors. However, the epidemic has continued to suppress the Hong Kong economy, ” Tse said. Singapore-based banking giant DBS has downgraded Hong Kong’s economic forecast for this year from a positive 1.5 per cent of GDP growth to -0.9 per cent. Herrero is pessimistic about the local economy as companies may consider relocating their operations from Hong Kong this year.

Source: The Star February 11, 2020 02:03 UTC