Daily News

Economy may shrink by 3.9% due to negative consumer sentiment — HSBC

The economy could shrink by 3.9% this year due to continued negative consumer sentiment and a fragile and volatile recovery from the pandemic, according to the Hongkong and Shanghai Banking Corp.’s (HSBC) private banking unit. The private bank’s forecast is grimmer than the 2-3.4% projection issued by the government. It had an initial growth outlook of 6.4% made in January. It projected growth at 7% in 2021, upgrading the 6.5% forecast issued earlier this year.