On Friday, the 15th of November 2019, government data reveals that the largest business HubSpot in Asia, Hong Kong, had entered into a technical recession for the first time in a decade during Q3, 2019, remarking another major economy sinking into recession for the first time since the era of great financial depression of 2007-2009 alongside China and Germany amid a rumbling slowdown risk roaring over the global economy, while the No.
1 economy of the world, United States’ manufacturing sector, responsible for one-fifth of its entire GDP (Gross Domestic Product) had also entered into a recession over the third quarter of the year in context of a violent anti-government protest in Hong Kong alongside an escalated Sino-US trade conflict.
According to Hong Kong’s Q3 economic data released on Friday (November 15th), the crisis-sickened part of China’s economy was contracted by 3.2 per cent during the quarter that ended on September 30th from a quarter earlier, while the offshore China’s Gross Domestic Product had shrunk for the second straight quarter on Q3, 2019.
In point of fact, following multi-month violent anti-government protest in Hong Kong that turned into a call for independence and break off of a 1997 treaty when Hong Kong became a part of China being annexed from the United Kingdom, a number of investors had been migrating their assets into Singapore over the recent weeks, as the government said in a statement on Friday (November 15th), “Domestic demand worsened significantly in the third quarter, as the local social incidents took a heavy toll on consumption-related activities and subdued economic prospects weighed on consumption and investment sentiment.
Ending violence and restoring calm are pivotal to the recovery of the economy. The government will continue to closely monitor the situation and introduce measures as necessary to support enterprises and safeguard. ”