Hong Kong's economy shrinks record 8.9%, worst quarterly contraction ever

Hong Kong has received its worst quarterly contraction since it officially started keeping records, official figures released on May 4 revealed. According to reports, it is currently experiencing its third quarter of negative growth owing to the coronavirus pandemic. The semi-Autonomous region was already economic losses due to a month of street protests and trade woes between the US and China, and health disaster pushed it further into recession.

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Bigger fall than Asian financial crisis 

Advance figures by officials show an 8.9 per cent contraction in the first quarter, marking the worst since govt first started compiling data in 1974. These figures mark a bigger fall than 7.8 seen in early 2009 and the Asian financial crisis of 1998. Experts have opined that the current economic situation in the region is worst since the 2008 financial crisis.

On the disaster management front, the region has done between than most of the nations. Despite bordering China, the epicentre, it has only reported 1,041 cases and four fatalities. 

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Marking another pathbreaking development in the prevention of the COVID-19 infection, researchers at Hong Kong University have developed an antiviral coating that protects surfaces from bacterias and viruses for at least 90 days. Scientists at Hong Kong University of Science and Technology reportedly took at least ten years to develop the coating called Multilevel Antimicrobial Polymer or MAP-1, that can be sprayed on surfaces for public use especially during these times of global health crisis for protection. 

One of the chief researchers in the team that developed the coating, Joseph Kwan has said that if MAP-1 is sprayed on surfaces like elevators, trains, handrails, that act as the most significant medium for the transmission of deadly diseases, they would be virus free for at least three months. Scientists claim that MAP-1 is made by millions of nano-capsules that contain disinfectants. According to Kwan, the disinfectant in the coating can kill microorganisms like bacteria, viruses, and spores even after it has dried. 

Read: Hong Kong Researchers Develop Antimicrobial Coating That Keeps Surfaces Clean For 90 Days

Read: Coronavirus: Hong Kong Reports Zero New Cases For Third Consecutive Day

Image credits: AP