HONG KONG - As one of the world's most important trade and business hubs, Hong Kong was always going to struggle this year because of the escalating US-China tariff war.
HONG KONG - As one of the world's most important trade and business hubs, Hong Kong was always going to struggle this year because of the escalating US-China tariff war.
While protesters are disrupting day-to-day activities, Beijing has displayed its paramilitary might near the border, raising questions over the city's political, financial and economic future. For the whole year, the government expects growth at 0-1 percent, but some analysts expect it to shrink. Forecasting at this juncture, given the myriad of pathways the social crisis might take, is of little value, but the contraction could be severe.
The Catering and Hotel Industries Employees General Union told Reuters employers had asked some of its members to take non-paid leave this month because of the downturn in business. On Thursday, the Hong Kong Retail Management Association, which represents more than 8,000 businesses, urged all landlords to halve rents for six months and warned if the situation continued "many retailers may have to sack staff".Hong Kong leader Carrie Lam has repeatedly warned that protests are hurting the economy. She has consistently declined to meet any of the protesters' core demands.
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