Hong Kong protests for democracy

Today, Hong Kong celebrates its National Day amidst the chaotic pro-democracy protest.   Despite police efforts to control the riot, protestors have been able to take over Hong Kong’s main business district causing concern among residents.   The seizure in the international finance hub is likely to cause much havoc in the economy if a common ground is not found.   In their quest for democracy, protestors are looking for a free and open election process in the Chinese vicinity.   Currently, a few schools and office buildings have closed while 21 banks have ceased operation in their branches.   As a result, the Hang Seng has taken a jolt with a 6% decrease over the market during the past five trading days.   This pro-democracy protest will have a significant impact over Hong Kong’s economy, threatening its status as global business hub.   The worst scenario that could be imagined is Hong Kong slumping into a state of recession, with retail sales dropping and the housing market hitting down.   Analysts at Capital Economics suggest that the economy will not be spared even if authorities give in as this would implicate a completely new structure.   Hong Kong has gradually built its standing worldwide acting as “China's gateway to the world.”   Source: CNN Money
Priscilla Camryn By: Priscilla Camryn
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