From The BBC:
The economy of Hong Kong has emerged from recession, posting growth of 3.3% in the three months from April to June.The seasonally adjusted figures were better than had been expected and the government has raised its forecast for growth in the whole year. It followed the emergence from recession of Singapore, which grew an annualised 20.7% in the second quarter. Hong Kong’s growth was negative for four consecutive quarters, starting in the second quarter of 2008. The growth of 3.3% compares with a revised contraction of 4.3% for the first three months of 2009.
The larger-than-usual number of ships moored in waters south of Hong Kong, or travelling light in and out of southern China’s factory zones, has been another clue, as has the growing numbers of homeless and unemployed, some of them returning from jobs on the mainland. But for the majority still in jobs, and without negative equity given the continued buoyancy of Hong Kong’s property market, there has not been an obvious recession…
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