Empty hotel rooms, struggling shops and even disruption at Disneyland: months of protests in Hong Kong have taken a major toll on the city's economy, with no end in sight.
The private sector, in particular the tourism industry, has begun counting the cost of more than two months of demonstrations that erupted in opposition to a bill allowing extraditions to China but have morphed into a broader pro-democracy movement. The impact is so bad that travel agents are considering putting staff on unpaid leave as they try to weather the storm, he warned.Images of increasingly violent clashes between masked protesters and police firing tear gas in the city's streets have made global headlines, with protesters announcing new demonstrations throughout August as they press their demands.
The fall in arrivals has hurt Hong Kong's carrier Cathay Pacific, which was also forced to cancel flights this week during a general strike that caused chaos in the city. Preliminary data suggests the second quarter fared no better, and while the government still hopes for 2-3 percent growth this year, predictions from major banks are more pessimistic.
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