Hong Kong's economy will "inevitably" suffer as a result of the global economic downturn, although the impact is hard to assess, the territory's deputy leader said Sunday, according to DPA. Chief Secretary Henry Tang told reporters that damage to Hong Kong's financial situation could not be avoided due to the former British colony's small size and its open economy. He appealed to people in the city of 6.9 million to band together to ride out the crisis, pointing out that the local economic fundamentals were sound. Hong Kong's Hang Seng Index has lost more than 25 per cent of its value in the past three weeks as a result of the global economic slump, despite two interest rate cuts.
