Hong Kong’s economy experienced the first recession in the last ten years. Currently, Hong Kong’s GDP has declined by 3.2 percent. Continuing protests since July this year, their policies have suffered such a loss. Tourists are far away from the people of Hong Kong for their police battles and protests, and most of the industrial establishments are closed for lack of security. The result is this recession.
The economy is expected to shrink 1.3% for the full year now due to the recession. Hong Kong’s economy has not seen such a scenario in the last 10 years. For the past five months, protests have occurred every week. As well as several casualties and many people were injured. Road, markets, disrupted rail connectivity and several educational institutions were announced stop.
Scenes of police firing on a protester last Thursday went viral on newspapers and social media. And during the protest, a 70-year-old cleaner died of a head injury. For these reasons, tourists are far away from business activities. It is important to overcome this situation and put an end to violence and come to peace in the recovery of the economy. The regional government is closely monitoring the situation and taking necessary measures to solve the problem.