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Hong Kong faces first recession in decades after months of protests

UNITED STATES, WASHINGTON (OBSERVATORY VIDEO) — As Hong Kong faces its first recession since the 2008 financial crisis, the city’s embattled leader Carrie Lam says she will focus on housing and land issues as she prepares for a key annual policy address before the Legislative Council.

Months of protests have hit Hong Kong’s economy hard, particularly in the tourism and retail sectors. Plus, Facebook put on a brave face as it officially launched its digital currency project Libra in Geneva.

The meeting came amid an exodus of partners who have abandoned the scheme over regulatory concerns.

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