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Chen maobo, Hong Kong's financial secretary, said that the gross domestic product (GDP) released on Thursday is expected to reflect that Hong Kong's economy has entered a technical recession. Since the current situation has not yet improved, the possibility of negative economic growth for the whole year cannot be ruled out.
Chen maobo wrote a blog on Sunday, pointing out that after the negative quarterly growth in the second quarter, the situation in the third quarter continued, which means that the economy has entered a technical recession and the negative growth has significantly expanded.
"What's more, the situation hasn't improved yet. It seems that it's very difficult to reach the forecast of 0-1% annual economic growth. We can't rule out the possibility of negative economic growth in the whole year." He said.
The social disturbance that plagues Hong Kong has lasted for nearly five months, and many industries, such as tourism and retail, have suffered from the impact. Chen maobo pointed out that the drop in the number of visitors in July was the number of units. The drop turned sharp in August and September, with a total drop of 37%. The situation has been worse since October, with a drop of nearly 50% in the first half of the month. The average occupancy rate of hotel rooms dropped by 28 percentage points in August, to 66%.
In terms of retail, some shops reported that they were often forced to close for half a day or even all days in the past few months, and migrant workers were also worried about personal safety and traffic arrangements. Retail sales fell from 13.1% in July to 25.3% in August, the biggest monthly decline on record.
Last week, the government launched the third round of "supporting enterprises and ensuring employment" measures since mid August, with a total amount of more than 2 billion Hong Kong dollars, mainly supporting the transport industry and further expanding the rent relief scope of government properties. In addition, it also supported the operation of travel agencies to ensure employment.


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