Protests are taking a huge toll on Hong Kong. Two key sectors of the economy issue warnings.
Share to linkedin... [+]Hong Kong started off the Western New Year in protest mode. Tens of thousands took to the streets again this week to call for universal suffrage, and freedom for protesters currently facing jail time. But it ended the year with a key driver of its economy — the consumer — in near total retreat.Hong Kong’s retail sector overall saw sales figures fall 23.6% in November compared to a year ago.
Hong Kong slipped into a recession in the second half of 2019. its GDP contracted 3.2% in the third quarter on a quarterly basis and 2.9% annualized, the biggest contraction in a decade. Hong Kong’s four key industries accounted for roughly 57% of its GDP in 2018. Now that the biggest bank is shutting down ATMs and tourism is in trouble, investors will have to hope the trade variable remains favorable.
Also, China has not involved itself in the law enforcement activities on the ground in Hong Kong. At least not overtly. The majority of Hong Kongers are in favor of the pro-democracy movement, but are not calling for a clean break from China. This is good for Beijing.
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