The Intelligence from The Economist Economic contagion: Hong Kong
Feb 3, 2020
Simon Cox, the Emerging Markets Editor for The Economist based in Hong Kong, dives into the pressing economic challenges facing the territory. He discusses the significant GDP contraction driven by political unrest and the U.S.-China trade tensions, along with the looming impact of the coronavirus. The conversation also explores stark economic disparities in Brazil, critiquing government welfare policies, and highlights Ethiopia's burgeoning self-help culture as a beacon of hope amidst adversity.
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Hong Kong's Economic Challenges
- Hong Kong's GDP report reveals economic struggles due to protests and mainland economic headwinds.
- These challenges predate the coronavirus outbreak.
Factors Contributing to Recession
- Hong Kong's recession is attributed to the US-China trade war and the ongoing protests.
- These factors have significantly impacted key industries and the free flow of goods and people.
Impact of Protests
- Protests caused major disruptions, including a university siege near Simon Cox's residence and a two-week tunnel closure.
- Tourism plummeted by 56% in November, the worst since the 2003 SARS outbreak.
