In front of many stores in Hong Kong, there is a noticeable lack of visitors, and the bustling scenes of the past are gone. In recent years, due to social unrest and strict pandemic lockdowns, even though lockdowns have been over for at least a year, economic recovery has been slower than expected. According to the latest data from Standard & Poor’s, the Hong Kong Purchasing Managers’ Index fell to 49.2 in May, marking the third consecutive month below the 50 mark, indicating a persistently sluggish business environment. Many wholesalers and retailers in Hong Kong also report that the current business situation remains very challenging,
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Hong Kong Eerily Quiet: Massive Restaurant Closures, Middle Class Flees
