<p> Hong Kong's coronavirus-battered economy shrank by 8.9% over a year earlier in the first quarter, its worst performance since quarterly reporting began in 1974.</p>.<p>The government said Monday the Chinese territory's economy already was struggling before the pandemic due to weak global trade and anti-government protests that began in June and depressed tourism.</p>.<p>Exports fell 9.7% in the first quarter from a year earlier, the government reported. Exports of services plunged 37.8% and consumer spending declined 10.2%.</p>.<p>Even though virus cases might be subsiding, trade tensions are heating up again and protests are resuming, said Iris Pang of ING.</p>.<p>“A longer recession is expected,” said Pang in the report.</p>
<p> Hong Kong's coronavirus-battered economy shrank by 8.9% over a year earlier in the first quarter, its worst performance since quarterly reporting began in 1974.</p>.<p>The government said Monday the Chinese territory's economy already was struggling before the pandemic due to weak global trade and anti-government protests that began in June and depressed tourism.</p>.<p>Exports fell 9.7% in the first quarter from a year earlier, the government reported. Exports of services plunged 37.8% and consumer spending declined 10.2%.</p>.<p>Even though virus cases might be subsiding, trade tensions are heating up again and protests are resuming, said Iris Pang of ING.</p>.<p>“A longer recession is expected,” said Pang in the report.</p>