Fitch Slashes Hong Kong GDP Forecast On Latest Covid Crackown


Source: bnnbloomberg.ca bnnbloomberg.ca

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(Bloomberg) -- Fitch Ratings Ltd. slashed its economic growth forecast for Hong Kong after the city imposed tough social distancing rules to curb the spread of Covid-19. The ratings company halved its estimate for gross domestic product growth for this year to 1.5% from 3.0%, making the Hong Kong economy one of the worst performers globally. “Our revised growth projections imply that real GDP will not surpass its 2018 level -- prior to both the onset of anti-government protests and the pandemic -- until 2023, which would rank among the weakest recent growth performances across all Fitch-rated sovereigns and territories,”...