Hong Kong is heading for its first back-to-back annual recessions on record, as the coronavirus shutdown cripples an economy already battered by months of political unrest. This presents a grim outlook for Hong Kong in 2020 as the government prepares its annual budget, due Feb. 26. Hong Kong was able to recover quickly from SARS in large part due to tourism spending from a booming Chinese economy. Home prices in Hong Kong appear to be holding up for now. “This situation could well worsen in the days and weeks ahead," said Steve Vickers, chief executive officer of Steve Vickers & Associates Ltd. and a veteran security analyst in Hong Kong.

Source: Mint February 19, 2020 01:52 UTC