Hong Kong’s economy falls short of Chinese hopes as tourists stay away
Hong Kong's economy falls short of Chinese hopes as tourists stay ... The Telegraph
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Hong Kong’s Economy Shrinks in Q2 Due to Pandemic and Tourism Decline
Hong Kong’s economy shrank in the second quarter as tourists stayed away and it suffered from China’s poor recovery from pandemic lockdowns.
The city’s GDP declined by 1.3% between April and June 2023, marking a sharp reversal from the 5.4% expansion which greeted the pandemic reopening in the first three months of the year.
It is a return to the short-lived fits and starts of growth which have blighted Hong Kong’s economy since the rallies against authoritarianism four years ago.
Visitor numbers are still around 40% below their levels in the early part of 2019, according to Capital Economics, before the widespread pro-freedom protests which hammered the economy even before Covid struck.
Impact on Trade and Local Demand
Before Hong Kong entered into a series of Covid lockdowns the city was rocked by pro democracy protests
Credit: Vincent Yu/AP
Exports to mainland China, the US, Europe, and most of the rest of Asia all dropped, according to official statisticians, with a government spokesman warning trade “will continue to face intense pressure, as slower global economic growth weighs on external demand.”
Hong Kong’s economy is 1.5% bigger than it was a year ago, in large part because of local demand.
Private consumption increased 8.5% on the year, but government consumption fell by almost 10%.
Exports of goods in the second quarter were down by more than 15% on the year, though services sales rose by more than one-fifth.
Consumer price inflation edged down in June to 1.9%, while unemployment fell from 3% to 2.9% in the three months to June.
Officials hope that reopening from the pandemic, which got underway in China at the end of last year in a sudden reversal of previously strict measures, will give more of a lift to the economy in the coming months as more normal travel patterns resume.
“Inbound tourism and private consumption will remain the major drivers of
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% gross domestic product growth per annum in the least developed countries.
- SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries.
- SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the following indicators can be used to measure progress towards the identified targets:
- GDP growth rate
- Exports of goods
- Services sales
- Consumer price inflation
- Unemployment rate
- Visitor arrivals
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% gross domestic product growth per annum in the least developed countries. | GDP growth rate |
| SDG 9: Industry, Innovation, and Infrastructure | 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries. | Exports of goods |
| 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries. | Services sales | |
| SDG 12: Responsible Consumption and Production | 12.2: By 2030, achieve the sustainable management and efficient use of natural resources. | Consumer price inflation |
Note: The indicators listed in the table are based on the information provided in the article. Additional indicators may be relevant depending on the specific context and data availability.
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Source: telegraph.co.uk
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