Months of protests have left the economy of Hong Kong wanting as civilians and government forces clash anew.
Entering the 10th week of this conflict, a number of countries, including the USA, the UK, and Australia, have issued travel advisories and warnings to its citizens who would be visiting this Asian nation. With these warnings, its tourism industry has taken a major hit. The Tourism Board, its chief department on tourism and hospitality laments this act.
The Hong Kong Tourism Board observed a “significant drop” in hotel bookings. It suggests that the current state of Hong Kong may last throughout the remaining months of the year. Accordingly, local business life has also gone bad for the citizens of this nation. Nation Leader Carrie Lam noted that this crisis may be the worst feat that they have ever faced. Likewise, she mentioned that it may even be worse than the 2008 Asian Crisis and the 2003 SARS epidemic.
61 Million people visit Hong Kong for leisure and business each year. As it is a cultural melting pot, a major chunk of its populace come from different nations. As 5% of its annual GDP comes from tourism, the protests have taken a hit on this industry. HongKong Disneyland and other attractions have observed a decline in bookings already.
As the country prepares for tougher times, there’s still no end in sight to the government conflicts abounding. The region is a major tourist destination and a major financial hub. And this crisis has the potential to go out of proportion and hit other international markets unless a workaround is done between the government and the people.