Hong Kong economic growth plunges
Not great news for one of my favorite cities; but, not particularly surprising either given the state of the global economy. I just finished reading an article on the WSJ which describes the current woes that Hong Kong is currently facing.
According to the article, Hong Kong’s economy plunged at its fastest rate in a decade. The economy shrank 7.8% compared with the same time last year and marked the largest decline since the 1998 Financial crisis. Reasons cited for the decline were a decrease in exports, the swine flu, and weak consumption.
From a 3PL perspective, the news it not all the surprising since exports out of Hong Kong have been down substantially. According to a report from the Hong Kong Port Authority, container throughput for the first 4 months of the year is down roughly 20 percent.
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