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Hong Kong economy shrinks record 8.9% in first quarter amid coronavirus - worst on record

Hong Kong suffered its worst quarterly contraction since modern records began, official figures showed Monday, as the coronavirus outbreak hammered an economy already mired in recession from political unrest and trade war woes.

The financial hub is now experiencing its third-straight quarter of negative growth — its longest financial downturn since the aftermath of the 2008 global financial crash. 

Paul Chan. File photo: Jayne Russell/Australia consulate.

Months of debilitating street protests and the tit-for-tat tariff battle between Washington and Beijing had weighed on the local economy for months before the pandemic helped push the city deeper into recession.

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