Economists say it's unlikely this recession will be just a mild dip, with the protests showing no signs of ending and the United States and China still negotiating over their trade differences.
Tear gas was sacked in multiple locations Thursday evening, including near a popular nightclub district where thousands of protesters had gatecrashed Halloween celebrations.
"While external uncertainties have brought up huge pressure, I would say that the local situation is much more worrying", she stressed, adding that the ongoing extensive conflicts and violence that have plagued Hong Kong for months have spread chaos and fear and seriously disrupted people's daily lives.
They also want to use the march to highlight the two-month anniversary of an incident that took place at Prince Edward MTR Station, where police officers were accused of indiscriminately beating up people during a dispersal operation, causing multiple injuries, on the night of August 31.
Shouts of "Give us back Halloween!" rang out as police used their shields to push the crowds forward on the sloping, narrow streets, scene of a deadly New Year stampede almost 27 years ago.
But Halloween masks are not covered under the ban, which will make it hard for police to tell the difference between a protester and an ordinary reveler.
Economic data due later on Thursday is set to show that Hong Kong has slid into its first recession since the 2008 global financial crisis as the protests, trade tensions and global pressures weigh.
"All the measures with a total sum of around 64 billion (Hong Kong) dollars are expected to provide a 2-percent impetus to our economy", she said.
Hong Kong has, not surprisingly, entered a technical recession.
Activists were marking two months since police were filmed beating protesters in Prince Edward subway station, one of multiple incidents this summer that have fanned hostility towards the force.
The sweeping 1922 emergency law was passed in a single day by then colonial master Britain to deal with striking workers and allows the city's leader to make "any regulations whatsoever" in a time of emergency or public danger.
The party "holds high the great banner of socialism" in the face of "a more complicated situation with risks and challenges significantly increasing at home and abroad", according to a communique released after the meeting known as a plenum that mostly contained vague statements.
One was dressed up as Hong Kong leader Carrie Lam in a dog collar and on a leash.
Critics said the move also undermined the city's reputation for being a dependable business and legal hub at a time of growing concern over Beijing's control of the city. We can blame the US-China trade war and the ongoing demonstrations.
In Beijing, the ruling Communist Party said it planned to strengthen laws regarding Hong Kong in the name of national security.