Hong Kong (CNN Business) The coronavirus pandemic has forced Hong Kong into an even deeper recession. Hong Kong had already fallen into recession last year — its first in a decade — because of months of anti-government protests and the US-China trade war. Despite last quarter's terrible showing, the news could have been even worse: The plunge in Hong Kong's GDP at least appears to be holding steady. Revised figures show that the economy also shrank about 9% in the first quarter of 2020, worse than initially reported. "Hong Kong's economy stabilized last quarter as fiscal stimulus and stronger demand in mainland China offset weaker consumption and investment," wrote Martin Rasmussen, China economist for Capital Economics, in a research note Wednesday.

Source: CNN July 29, 2020 10:30 UTC