The Financial Secretary Paul Chen Mo-po expects Hong Kong's economy to recover in the third quarter. (File photo)The Financial Secretary Paul Chen Mo-po said that Hong Kong's economy in the third quarter is expected to improve as the city should see significant improvement in the September export performance. He said that his assessment is based on the mainland's recent gross domestic product figure, which had recorded a 4.9 percent growth in its third quarter, as well as the drop in Hong Kong's export narrowing from 7.4 percent in May to 2.3 percent in August. “Given the mainland’s economy regaining momentum, and the local consumption gradual improvement, the pressure on our economy could be alleviated if the epidemic continues to be under control.” Chen wrote on his blog. Unemployment rate has also increased to 6.4 percent from July to September, reaching the highest level in 16 years.

Source: The Standard October 25, 2020 06:22 UTC