Hong Kong to Enter Recession After Protests Damage Retail, Tourism
Hong Kong is set to enter a recession this week after protests destroyed retailers and brought the city’s booming tourist industry to its knees.
Demonstrations in the semi-autonomous Chinese city erupted in June over a proposed extradition bill, but have since evolved to include demands for greater democratic freedoms.
Retailers and local businesses have taken a huge hit as a result of the increasingly violent protests, and the number of tourists into the city has fallen dramatically.
Third-quarter growth numbers, due to be released on Thursday, are expected to show a second consecutive quarter of negative growth for the city’s economy, Hong Kong Chief Executive Carrie Lam and Finance Secretary Paul Chan separately warned this week.
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