Hong Kong – 3Q 2019 GDP (Advance)
15/11/2019 08:16 pm MYT
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Based on advanced estimates, Hong Kong’s real GDP fell by 2.9% on a year-on-year basis in 2Q 2019, down from an increase of 0.4% in 2Q 2019 – see figure 1. Private consumption growth turned negative for the first time this year, while the investment recorded an even sharper contraction – see table 1. On a seasonally adjusted quarter-on-quarter basis, real GDP decreased by 3.2% in 3Q 2019, down from a decline of 0.5% in 2Q 2019, indicating that the economy has entered a recession.

The exports and imports of goods respectively decreased by 7.1% and 11.2% from a year ago. Meanwhile, the exports of services plunged 13.8%, while their imports decreased by 4.0%.

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Note from Publisher
This week, the Yang Di-Pertuan Agong aka Malaysia’s king met with the leaders of the country’s major political parties. While the agenda of the meetings was unknown, it is believed to concern the country's current affairs, especially the Covid-19 pandemic and the state of emergency. After two weeks of total lockdown, the Covid-19 situation in the country has improved but only slightly - not enough to justify a loosening of restrictions. Vaccination remains agonisingly slow, with less than 10% of the population having received the jab. The people’s livelihoods continue to teeter on the edge of ruin. Politicians are losing their cool and acting rashly to get parliament to reopen so they can topple the existing government. Malaysia is set for turbulent times in the months ahead no matter how the Covid-19 situation unravels.

Meanwhile, in countries that have made great progress in their vaccination efforts, lives are quickly returning to normal. While this provides hope that the Covid-19 pandemic will be over within a year or so, the rich-poor divide is getting wider by the day. The poorer countries of the Global South, unable to get hold of vaccines, will be left further behind, deliberately kept in a state of vulnerability and dependency on the Global North. Sadly, little has changed about humanity despite the trials and tribulations it has undergone since the last pandemic in 1918.
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