Unrest in Hong Kong continues to the detriment of the country’s economy, as reported by their Finance Secretary on Sunday.
In a blog post, Hong Kong’s Financial Secretary, Paul Chan wrote that the country’s economy has taken a hit as a result of the ongoing protests, “The economy has entered a technical recession.” “It is impossible to rule out the possibility that the economy will experience negative growth throughout the year.”
Hong Kong has entered a ‘technical recession’ amid unrelenting protests https://t.co/RVFqehJvpJ by @lisettevoytko pic.twitter.com/QABE4ymSrv
— Forbes (@Forbes) October 28, 2019
Chan describes a large decline in the number of tourists, a reported dive in retail business sales, and a continued downturn for foreign exports. (RELATED: Hong Kong Protests Create Ripple Effect Across The Global Economy)
After suffering a loss in their second quarter, Hong Kong’s government will be announcing their expectation for third quarter estimates later this week. (RELATED: Hong Kong Protesters Sing The American National Anthem)
Many people in Hong Kong are infuriated by China’s interference in Hong Kong politics, specifically an extradition bill between the two countries, which has led to months of protests within the city. The protesters have, on several occasions, clashed violently with the police.
In addition to the anti-government protests, the heightened tensions of the US-China trade war have contributed to the interruption in economic growth.
Chan showed his support for local businesses affected by the demonstrations while pleading for violence to stop, “Let citizens return to normal life, let industry and commerce to operate normally and create more space for rational dialogue,” wrote Chan.