Hong Kong (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.

Hong Kong government economist Andrew Au said the forecast was slashed because of the pro-democracy protests, a synchronized global economic slowdown and trade tensions between China and the United States.

"Ending violence and restoring calm are pivotal to the recovery of the economy," Au added in a statement.

Before the protests kicked off, Hong Kong's government had predicted GDP growth this year of between 2% and 3%. In August, the administration downgraded its forecast, predicting annual growth between 0% and 1%.