Protests in Hong Kong have significantly affected the country’s economy. Citizens of one of the world’s financial centers have been protesting for several months against greater Beijing’s control. The prolonged standoff caused a massive outflow of capital. According to recent data, the country’s economy has already lost $5 billion. “These political tensions pose risks, given Hong Kong’s position as a major financial center,” the report prepared by the Bank of England said. The UK’s central bank closely monitors the situation. The biggest UK banks such as HSBC and Standard Chartered have the leading positions in Honk Kong. Goldman Sachs estimated that between June and August, Hong Kong may have lost as much as $4 billion in deposits. The protests affected both local funds and the whole country’s economy. In the third quarter, economists registered the first recession since the global financial crisis. Besides, GDP dropped by 3.2% compared to the previous quarter. It is the worst reading since 2009.
