Friday, the Official Receiver's Office said bankruptcy petitions in Hong Kong reached the highest level since July 2003, after the economy slipped into a deep recession. There were 1,872 bankruptcy petitions in March, compared to 1,500 in February.

The Hong Kong economy had entered recession in the third quarter of 2008. Gross domestic product declined 2% sequentially in the final three months of 2008, following a 0.7% contraction in the third quarter and 0.9% decline in the second quarter.

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