Hong Kong is headed for recession, after five months of protests have sent tourism and retail numbers plunging
The Asian financial hub is expected to report negative economic growth on Thursday, which means Hong Kong is facing"a technical recession," or two consecutive quarters of economic decline, Paul Chan, Hong Kong's financial secretary, said in a blog post Sunday. Exports for the three months that ended in September plummeted more than 7% compared to the same period a year earlier, Chan said. That's the largest quarterly drop in nearly a decade, he added.
Some protesters have targeted shops, restaurants and banks viewed as unsympathetic to their cause, smashing in windows, vandalizing storefronts with graffiti and even setting fire to some properties.Last week, Chan announced a new round of economic measures to support businesses affected by the ongoing unrest, including slashing rents in half at properties leased by the Hong Kong government, and providing fuel subsidies for taxi drivers and fee subsidies for local ferries.
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