How is Hong Kong doing economically?

Hong Kong’s economy expanded by 7.6% year-on-year in real terms in the second quarter of 2021, after an increase of 8.0% (year-on-year) in the preceding quarter.

Is Hong Kong economy falling?

After falling for a record six quarters, economic growth surged on rising exports even as consumption remained weak.

How has Globalisation affected Hong Kong?

The effects of globalisation on Hong Kong are multi-faceted, ranging from higher potential vulnerability to external macro-financial shocks and structural adjustments in the labour market, and to widening income and wealth inequality.

Will Hong Kong recover?

“In our mild forecast, tourism in Hong Kong will return to pre-pandemic levels by the end of 2022,” Song said. In the severe scenario, Hong Kong’s tourism and consequently, its retail industry, may only fully recover in 2023. Even once tourism is open, other factors could dampen the numbers of arrivals.

What are the current economic conditions in Hong Kong?

Looking ahead, the more benign global economic conditions should continue to bode well for Hong Kong’s external segments in the near term, though international travel and inbound tourism will likely take time to recover.

Why was the GDP forecast slashed in Hong Kong?

Hong Kong government economist Andrew Au said the forecast was slashed because of the pro-democracy protests, a synchronized global economic slowdown and trade tensions between China and the United States. “Ending violence and restoring calm are pivotal to the recovery of the economy,” Au added in a statement.

What was the economy of Hong Kong in 1997?

Since the 1997 handover, Hong Kong’s economic future became far more exposed to the challenges of economic globalisation and the direct competition from cities in mainland China. In particular, Shanghai claimed to have a geographical advantage.

How are the protests in Hong Kong affecting the economy?

Mass demonstrations, which often take place in popular tourist areas, have hit the city’s shopping and tourism industry hard. Salvatore Ferragamo, Burberry (BBRYF) and Cathay Pacific (CPCAY), Hong Kong’s flagship airline, said this week that the ongoing crisis affected their sales in the most recent quarter.