The rise and fall of the economy

    Research output: Book Chapters | Papers in Conference ProceedingsBook Chapter

    Abstract

    The Hong Kong economy made history in the thirteen months following the handover in 1997. The paralysis of air cargo handling and the confusion in the wake of the opening of the Chek Lap Kok Airport on 6 July 1998 was unprecedented and came as a shock to everyone concerned about developments in the Special Administrative Region (SAR). Prior to this, Hong Kong’s gross domestic product (GDP) plummeted 11.6 per cent in the first quarter of 1998, compared to the previous quarter, the steepest one-quarter decline ever. Even though seasonal factors are involved, the magnitude of the decline took all analysts by surprise. Because there was litter sign of revival in the second quarter, and because the second and third quarters of 1997 had enjoyed very strong economic growth, growth for the year was estimated at minus 4 to minus 5 per cent. Unemployment hit 5.0 per cent in June-August 1998, effectively doubling from the 2.5 per cent of November 1997 to January 1998.
    Original languageEnglish
    Title of host publicationThe other Hong Kong report 1998
    PublisherThe Chinese University of Hong Kong Press
    Pages139-153
    Number of pages15
    ISBN (Print)9622018297
    Publication statusPublished - 1 Jan 1998

    Fingerprint

    gross domestic product
    airport
    unemployment
    Hong Kong
    economic growth
    air
    economy
    history

    Cite this

    HO, L. S. (1998). The rise and fall of the economy. In The other Hong Kong report 1998 (pp. 139-153). The Chinese University of Hong Kong Press.
    HO, Lok Sang. / The rise and fall of the economy. The other Hong Kong report 1998. The Chinese University of Hong Kong Press, 1998. pp. 139-153
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    HO, LS 1998, The rise and fall of the economy. in The other Hong Kong report 1998. The Chinese University of Hong Kong Press, pp. 139-153.

    The rise and fall of the economy. / HO, Lok Sang.

    The other Hong Kong report 1998. The Chinese University of Hong Kong Press, 1998. p. 139-153.

    Research output: Book Chapters | Papers in Conference ProceedingsBook Chapter

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    HO LS. The rise and fall of the economy. In The other Hong Kong report 1998. The Chinese University of Hong Kong Press. 1998. p. 139-153