HONG KONG - Hong Kong's economy contracted for the first time in a decade in 2019 as violent anti-government protests and trade tariffs between Washington and Beijing took more steam out of the economy in the final quarter of last year.
Hong Kong, which has so far seen 15 confirmed cases of the virus, has taken measures to reduce the flow of visitors from China where the death toll has risen to 361. The city's retail and tourism sectors rely heavily on spenders from the Chinese mainland. "The coronavirus is grabbing the headlines, but the protests haven't gone away," said Iris Pang, Greater China economist at ING, who expects the economy to contract by 4.5 per cent this year and return to mild growth in 2021"if the virus is contained".ANZ analysts predicted a 1.4 percentage point negative impact on Hong Kong's first quarter gross domestic product from the effects of the virus, making it the worst hit region in Asia outside mainland China.
But protests have scared tourists and shoppers and often paralysed transport, shaking its remaining key pillars of growth.
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