Thursday 31 October 2019

Hong Kong recession: economy shrank 3.2% from the previous quarter

Hong Kong is located in southeastern China. It is an autonomous territory and former British colony. Its densely populated urban centre is a major port and global financial hub with a skyscraper skyline. Central (the business district) features architectural landmarks like I.M. Pei’s Bank of China Tower. Hong Kong is also a major shopping destination, famed for bespoke tailors and Temple Street Night Market.

On Thursday, the government said Hong Kong’s economy shrank 3.2% in July-September from the previous quarter, pushing the city into a technical recession. Business has decreased since anti-government protests began in early June in the Asian financial center.

Two straight quarters of contraction have happened since the economy contracted 0.5% in April-June on a quarterly basis.

Lineups of Chinese shoppers have decreased. Jewelry stores have less customers. Transportation businesses are decreasing.

Some neighborhoods have become protest battle zones. Demonstrators in black are in conflict with riot police unleashing tear gas and water cannons.

The protesters have been locked in a standoff with the authorities for more than four months, that began with demands they scrap a now-abandoned extradition bill.

At times the chaos has decreased major infrastructure, shutting down the city’s busy airport, where arrivals and flight bookings have decreased.

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