Hong Kong: 2020 outlook slashed as protests rumble on
Crippling social and political unrest has battered Hong Kong's economy and caused our panelists to rapidly revise down their forecasts.
Until the middle of 2019, our panelists were upbeat about Hong Kong's prospects for next year, with our Consensus Forecast having seen GDP growth tracking at just under 2.5%. Since then, however, crippling social and political unrest has battered the economy and caused our panelists to rapidly revise down their forecasts.
Underlining the severity of the situation, Hong Kong's retail sales plunged 26.2% in October, marking an all-time low and suggesting the economy is heading for a sharp contraction in the final quarter of this year. With political uncertainty set to persist for the foreseeable future, and investment and consumer spending likely to suffer in tandem, our December publication projects growth of just 0.7% in 2020.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the opinion of FocusEconomics S.L.U. Views, forecasts or estimates are as of the date of the publication and are subject to change without notice. This report may provide addresses of, or contain hyperlinks to, other internet websites. FocusEconomics S.L.U. takes no responsibility for the contents of third party internet websites.
Date: December 13, 2019
TagsEastern Europe Asia OPEC Gold Germany Argentina Colombia Portugal Economic Growth (GDP) European Union Draghi Economists Israel precious metals MENA Major Economies Brazil Healthcare public debt economic growth G7 Cannabis Canada Economic Debt Oil South Africa USA Eurozone Mexico Housing Market Spain interview Exchange Rate Tunisia Australia Inflation Ukraine oil prices Infographic Forex Base Metals Euro Area Asian Financial Crisis Vietnam Iran Bitcoin Asean Unemployment rate IMF UK Turkey Brexit chile Consensus Forecast Base Metals Commodities Energy Commodities Lagarde Trade Cryptocurrency Canadian Economy TPS Emerging Markets Greece France India United Kingdom Banking Sector Investment Copper Japan Italy Africa Company News Economic Crisis election GDP Exports Central America Precious Metals Commodities China Agricultural Commodities TPP United States Sub-Saharan Africa Commodities Nordic Economies Russia Venezuela Latin America
Growth is seen ebbing slightly this year in Central America and the Caribbean as weaker momentum in the Dominican R… https://t.co/LxWBqR4tCz
5 hours ago
Nigeria: Central Bank keeps policy rate stable in January but hikes cash reserve ratio to curb liquidity https://t.co/7XnJdX1F9a
7 hours ago
United Kingdom: Services and manufacturing PMIs rise in January as political uncertainty recedes https://t.co/AmjuqEXmwy
9 hours ago
Japan: Composite PMI jumps to a four-month high in January https://t.co/Mjy3JTqKyu
3 days ago
Argentina: Consumer confidence ticks up in January but remains downbeat https://t.co/gdR70xdmQS
3 days ago