17 Nov '11, 2am

Pearl of the orient, Hong Kong, is at risk of recession, says the IMF

HONG KONG - The International Monetary Fund (IMF) warned yesterday that Hong Kong may fall into recession as a worse-than expected downturn in Europe could have an outsized effect on the city, which is heavily reliant on trade and finance. The IMF said in its annual review of the Hong Kong economy that risks in the euro zone have risen as sovereign funding strains and banking sector stress feed back into the real economy. "Should such downside risks materialise, Hong Kong would be hit hard through both trade and financial channels," the IMF said. The IMF figures a 1-per-cent decline in growth in Europe would mean a 1.5-per-cent decline in Hong Kong's economy. It said it expects Hong Kong's gross domestic product to slow to 4 per cent next year from 5.75 per cent estimated for this year because of weakening external demand. The comments from the IMF echo concerns from the c...

Full article: http://www.todayonline.com/Hotnews/EDC111117-0000090/Hong...

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