Hong Kong's economy has witnessed an unprecedented decline, contracting by about 6.1% in 2020 due to the COVID-19 crisis and the central authorities in China tightening their grip on the pro-democracy movement in the city.
The Gross Domestic Product fell by 3% in the last quarter of 2020 compared to 2019, leading to a record drop in annual growth. In a statement, a government spokesperson indicated that Hong Kong's economy might see positive growth in 2021, but the economic situation in the first quarter will remain challenging. The degree and speed of recovery are subject to many unclear factors, particularly those related to the pandemic situation.
