Pedestrians prepare to cross a road in the popular shopping district of Causeway Bay in Hong Kong on October 30, 2019, a day before the citys third-quarter gross domestic product (GDP) figures are released. (Photo by Anthony WALLACE / AFP) (Photo by ANTHONY WALLACE/AFP via Getty Images)
Anthony Wallace/AFP via Getty Images
Pedestrians prepare to cross a road in the popular shopping district of Causeway Bay in Hong Kong on October 30, 2019, a day before the citys third-quarter gross domestic product (GDP) figures are released. (Photo by Anthony WALLACE / AFP) (Photo by ANTHONY WALLACE/AFP via Getty Images)
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(CNN Business) —  

The Hong Kong government is warning that six months of increasingly violent mass protests will cause the economy in the Asian financial hub to shrink this year.

A forecast published Friday by the government predicts Hong Kong’s economy will contract by 1.3% in 2019, marking the first year of recession since the global financial crisis a decade ago.