Protests continue to ravage Hong Kong despite urgent warnings from the city’s financial chief of a crippling recession and fatal economic outcomes.
In a blog post, Finance Secretary Paul Chan confirmed that the recession, which has worsened considerably over the year’s third quarter, will extend into the new year.
Large crowds are protesting a proposed bill to allow extradition to mainland China – with many fearing for Hong Kong’s independence. Now well into the 200th day of demonstrations, the protests do not seem likely to die down anytime soon.
The political unrest has massively affected tourism in the area, with many holidaymakers fearing the physical altercations between riot police and demonstrators. Consequently, retail spending has also suffered.
While some consequences of this economic crisis may be reversible, Hong Kong’s business reputation is likely to be permanently tarnished, thus affecting its long-term prosperity