Hong Kong Consumer & Retail Q2 2020
Retail sales, tourist arrivals, hotel occupancy and business sentiment have fallen drastically in the past few months inHong Kong, as protests continue to affect the consumer spending outlook. As a result of these subdued business conditions,unemployment is forecast to increase slightly, while inflation is projected to decrease. We believe the country’s economy willcontract even further in 2020, with Hong Kong’s 2020 stimulus package set to have minimal impact. The potential for a deepeningof unrest with China, following renewed calls from the latter to reinstate Article 23 (which would curtail Hong Kong’s freedoms) andthe outbreak of a coronavirus in China, with suspected cases emerging in Hong Kong at the time of writing, place further downsiderisks on our outlook.
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