Hong Kong record-breaking economy

Amid the coronavirus pandemic, Hong Kong’s economy is experiencing a record drop. According to the results of the first quarter, GDP decreased by 8.9% year on year. This is the worst figure since 1974, the Associated Press notes. The previous quarter ended with a three percent decline in the Hong Kong economy.

The statistics department explains what is happening due to the reduction in domestic and foreign demand due to COVID-19. The Hong Kong Trade Association says that 5 thousand stores have closed since January, another 20 thousand may not survive this year.

The tourism sector was particularly affected. Last year, according to the administration of the autonomy, 56 million tourists visited Hong Kong. In March, after the introduction of restrictions on the border, the flow of foreigners and visitors from mainland China decreased by almost a hundred times, the tourism department said.

They do not expect an early recovery of the industry, which is more dependent on the development of the pandemic and on restrictive measures in other countries.

 

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