COVID-19 has become detrimental to the Hong Kong Tourism Industry, with an unprecedented volume of cancellations on bookings. This is because Hong Kong is 919km away from Wuhan, China. This was the 1st outbreak location of the novel coronavirus and saw an immediate reduction in tourism across China. Now that the Chinese outbreak has settled, the Hong Kong Special Administrative Region hopes that tourism will return to a reasonable valuation by July 2020.
Hong Kong felt significant effects from the COVID-19 Pandemic, which came at the worst time possible. Hong Kong was already battling internal resistance from its people, with regular riots unfolding in the financial district. These riots immediately stopped after Hong Kong citizens became concerned about their safety against the novel coronavirus. What happened next, nobody in the region anticipated.
Financial markets crashed and saw the Hong Kong Stock Exchange plummet to a crippling effect. Travel restrictions were then implemented by government officials, stopping any hope of seeing the exchange recover. If restrictions are lifted by July and the outbreak has finished its 1st wave, the Hong Kong Stock Exchange can occur before operational activities again. Medical experts in the region claim this July Resuming Period will cause an influx of transmissions during the 2nd wave. Their advice will be minimal for government officials, with their main priority being the focus of nation-wide finances.
The Relief
Politicians throughout Hong Kong implemented immediate legislation that allowed for financial relief to the citizens & businesses of this Administrative Region. That relief found accounted to $17.7 Billion in USD, ensuring that those crippled by this virus could have some form of financial support. There are some politicians in this community that believe enforcement with relief packages need to supersede the current valuations.
These individuals also believe that without more substantial travel restrictions for a prolonged period, an outbreak of COVID-19 could occur multiple times. Those advising these suggestions to have collected significant evidence and data from the global medical community. The challenge is that for every basis of scientific evidence, there’s also falsified information supported through social media platforms. Individuals across Hong Kong and their government will believe this forged information.