HK likely to go into recession this year
08-01-2009
Economists at the University of Hong Kong say the territory is likely to go into recession early this year as a result of the global economic downturn. The university's Asia Pacific Economic Co-operation Study Centre predicts the economy to contract by 2.6 percent in the the first quarter. It also predicts the unemployment rate to reach 4.8 percent this quarter - rising up to six percent later this year. Its Director, Dr Alan Siu, said economic conditions would worsen.
