The economies of hong Kong in the fourth quarter, with a 0.4-percent pre-shrunk as compared to a quarter earlier, it turns out on Monday, and an estimate of the hong kong government statistics. This is the third consecutive quarter in which the economy of the special administrative region is in decline. The local economy for nearly half a year, weighed down by strong protests against the local administration and the involvement of the Chinese government.
On the whole by 2019, saw hong Kong’s economy to 1.2 percent shrinkage, in the most severe economic contraction since 2009. When the gdp of the economy of the region, of 2.4 per cent.
with The ongoing demonstrations affect the consumer spending. Private consumer spending is shrinking every month and, in the last three months and from 2019 is 3% lower than a year earlier. In particular, retailers, restaurants, hotels, and other consumentgerelateerde sectors have to suffer.
as well as companies feel the idea is already in the numbers. So, Cathay Pacific Airways, which is hong Kong’s domestic market, a profit warning issued. Also, the stock market index in hong Kong, the Hang Seng Index since the beginning of april, with a small 11 percent.
by 2020, the picture is not very rosy. Analysts expect the economy to continue to shrink, because of the protests, but will continue to persist, and the region, and the effects of the coronavirusuitbraak in China is going to feel it. The hong kong’s leader, Carrie Lam, reported on Monday that ten of the thirteen at the border crossing points with China, is temporarily closed due to the outbreak.