Hong Kong, Asia’s financial hub, is likely to see a large outflow of capital moving to Singapore.

On Thursday, according to preliminary goverment data, for the first time since the 2007-2009 global financial crisis, Hong Kong, weighed down by an increasingly aggressive China which is fuelling violence in the island nation as it tries to choke pro-democracy and anti-government protests, has slid into a recession.

In the July to September period, the economy shrank by 3.2% from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession.

When compared to a year earlier, Hong Kong’s economy contracted by 2.9%.

The readings were the weakest for the Asian financial hub since 2008/2009.

With the citizens of Hong Kong intent on bring about democracy in the island nation, despite harsh and inhuman measures adopted by China and the city’s leader, Carrie Lam, China’s mouth piece, warned that full-year growth is likely to contract.

Tourism and retail sales have gone downhill following the excessive violence metted out by police to unarmed protestors.

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