A 3.3 per cent rise in Hong Kong’s gross domestic product (GDP) from April to June shows that the recession, from them, is over. This rise is a welcomed change from the first quarter, as January to March posted 4.3 per cent decline. In fact, due to the global credit crisis, Hong Kong’s economy has posted negative growth since the second quarter of 2008.
Even though the rise in GDP is a good sign, it should be noted that for 2009, Hong Kong’s economy is still expected to decline by 3.5 to 4.5 per cent. Overall, this is better than the government previously forecasted 5.5 to 6.5 per cent drop for the year.
Hong Kong is not the first to step out from under the recessionary clouds however. Singapore, Japan, France, and Germany have also announced they are experiencing growth as well.
To find out more about Hong Kong’s recovery, read these articles from the BBC and Forbes.com. As well you might be interested in Europe’s climb in this article also from the BBC.
Photo by Tearsandrain
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