HONG KONG – Hong Kong is on the verge of its first recession in a decade as increasingly violent anti-government protests scare off tourists and bite into retail sales in one of the world’s most popular shopping destinations.
The Asian financial center, which also has one of the world’s busiest ports, was already under intense pressure from the escalating Sino-U.S. trade war and China’s biggest economic slowdown in decades. While official data has yet to fully reflect the impact of the latest violence, a private survey by IHS Markit found business activity in Hong Kong contracted for the 16th straight month in July, falling to a level not seen since March 2009.
“It would still be difficult for to reach a trade deal in the near future given their deep differences across a range of issues,” Au said. Flights were halted at Hong Kong’s airport, one of the world’s busiest, for two days this week as demonstrations escalated, and the city’s benchmark share index sank to seven-month lows.
Business disruptions could push Hong Kong into a recession this quarter, according to Capital Economics, noting confidence has also started to sour in the high-flying property market.“In the extreme case of military intervention by the mainland, Hong Kong’s economy would face a deep contraction,” the consultancy said in a note to clients this week.
Source: Holiday News (holidaynews.net)
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