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Economics

Hong Kong’s Economy Hit by Protests, Finance Secretary Chan Says

  • Unemployment rate likely to rise, Chan writes in blog post
  • Pressure on business to increase as protests continue: Chan
Paul Chan
Paul ChanPhotographer: Paul Yeung/Bloomberg

Social unrest gripping Hong Kong has affected the city’s economy and businesses, and the unemployment rate is likely to rise from current levels, Financial Secretary Paul Chan said in a blog post.

In the Chinese-language post on his website, Chan said many local retail and catering businesses had experienced a “sharp decline” in business, and he warned that the longer the historic protests go on, the more pressure they will pile on small and medium enterprises.