HK Economy Faces Storm Clouds: Paul Chan

Sunday August 18, 2019.

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2019-08-18 HKT 12:53

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The Financial Secretary, Paul Chan, says the trade war has hit Hong Kong's external trade and extradition protests have hit spending. File photo: RTHK

The Financial Secretary Paul Chan said on Sunday that Hong Kong faces a direct hit from an "economic typhoon" and a warning of "signal number three" has been issued.

He said external trade has been sharply weakened by a trade war between China and the United States.

He said the extradition protests have also had an impact on local spending.

He said the raft of relief measures that he announced last week will help Hong Kong brace itself for a storm.

On Thursday, the beleaguered Carrie Lam government announced HK$19 billion worth of sweeteners and waivers covering a wide section of society.

The government also revised downwards Hong Kong's GDP growth forecast for 2019 of between 2 and 3 percent, to 0 to 1 percent.

HK Economy Faces Storm Clouds: Paul Chan

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