Hong Kong has entered a ‘technical recession’ amid unrelenting protests by lisettevoytko
According to Chan, Hong Kong’s previous two quarters resulted in a decline, indicating the city is facing a “technical recession.”
Chan wrote that a preliminary estimate shows negative growth in the third quarter and that it will be “extremely difficult” to reach a target of 0 to 1% annual growth. Tourism is particularly hard hit, with a 37% drop in visitors year over year and hotel rooms only two thirds full, according to Chan. Meanwhile, retail has suffered with protesters vandalizing restaurants, banks and stores they believe to be unsupportive of their cause.into its economy for the third time in as many months, with Chan releasing $255 million to cut retailers’ rents by 50% and subsidize taxi drivers and local ferries.the city’s streets Sunday, setting shops on fire and throwing petrol bombs at police, who responded with tear gas, water cannons and rubber bullets.
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