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Hong Kong Economy Trend Move Further Away From Economy Of Mainland China

The economy of Hong Kong has been tied always to that of the economy of mainland China. The ties have seemingly loosened a bit. After half a year of anti-government protests, the financial activities in the hub of finance in Asia has seen a fall into the deep ends of contraction in spite of there being signs of recovery taking place in the mainland. The purchase managers’ index of the two countries makes it clearer than anything else. The composite PMI of China that has its focus on the businesses privately operating in the sectors of services and manufacturing has seen a jump last month to 53.2. This had been more than the 50 point level showing off a healthy economy and expansion after the contraction and has been at its sharpest in the previous 21 Months. In contrast, the private sector index of Hong Kong, which is also focused on a similar sector, had seen a drop in November to a point of 38.5 which is their worst reading ever since the year 2003 when the city had been hit in a deadly manner by the SARS epidemic. The deterioration in the economy has been enough to make forecasters predict a fall in the complete year in the output of Hong Kong. There are few banks that have predicted that the economy is going to shrink at a rate which is sharper at 4% in the year 2020. Experts and economists have felt that the social unrest in the city and its consequences are going to last for a minimum of two to three quarters and have said that unemployment may see an increase significantly in the upcoming year.

 

Joyce Solomon
Author Details
ASSOCIATE EDITOR At Global Industry News 24

Joyce Solomon completed B.E. in Computer Engineering and started working as a Technology Analyst. But, her zeal to write the latest trends in the Technology domain persuaded her to work as an Associate Editorial for Global Industry News 24’s Technology domain news section. She has a total experience of approximately 5 years. By providing excellent-quality news reports, she has made a significant contribution to Global Industry News 24’s Technology section. Her leadership and problem-solving skills have always helped her to rise above the challenges. Along with the strong writing skills and a very good grasping power, Joyce is passionate about learning the latest technology and tools that can help her advance her productivity.

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