Hong Kong emerges from recession

The government in Hong Kong is reporting that the economy has emerged from recession as it posted a growth of 3.3 per cent in the three months from April to June.



This growth is reportedly better than expected and the government has raised its forecast for growth for the rest of the year.



The new growth of 3.3 per cent compares with a revised decline of 4.3 per cent for the corresponding three months in 2008.



The government had previously expected the economy to contract by between 5.5 per cent and 6.5 per cent in 2009, and is now predicting that it will continue to grow between 3.5 per cent and 4.5 per cent.



This comes after the country experienced negative growth for four consecutive quarters.



There have been previous reports that Singapore, Germany and France have already emerged from the recession.