IMF: Hong Kong may slide into recession


Hong Kong could slide into a recession next year because of depressed trade and instability in the financial sector, the International Monetary Fund warned.

In a report released on Wednesday, it said the rapid growth in bank loans also raised the risk of rising bad loans.

The IMF also cautioned that Hong Kong’s growth would slow to 4 percent next year, or even become negative, should the euro-zone crisis spin out of control and hurt the city’s trade and financial sectors.