Hong Kong's Economy Navigating Turbulent Times

Hong Kong's real gross domestic product (GDP) growth for 2019 was estimated to register the first annual decline since 2009. The economic slowdown and recession in Hong Kong were driven by both weakening domestic and external demand, aggravated by local social unrest which had disrupted social stability, transportation and commerce. Hong Kong's economic prospects hinge on how its sociopolitical situation and the US-China trade tensions will evolve. Despite short-term headwinds, Hong Kong's competitiveness in the long term will likely remain strong if it maintains its unique institutional space and advantages in bridging mainland China and the rest of the global economy.