Hong Kong’s economy has taken its worst hit ever amid the coronavirus pandemic, according to advance estimates released on May 4, 2020. The city saw an 8.9 per cent contraction in the first quarter, worse than the 8.3 per cent low point recorded in 1998 during the Asian financial crisis. But since the city has seen no new local Covid-19 cases for 15 straight days, officials are starting to ease some social-distancing restrictions.