Journey into Pandemic? A Day in a “Life”……
Rebecca Tan, Chief Distribution And Marketing Officer, Generali Life (Hong Kong) Limited, Generali Life Hong Kong
Hong Kong economy is externally oriented and highly dependent on trade with the world. In 2019, the value of Hong Kong's total merchandise trade reached HK$8,404.1 billion (US$1,072.5 billion)1 , or around 293% of the Gross Domestic Product (GDP) in that year. Hong Kong was the world's 8th largest trading entity in goods in 2019.
In Jan 20, 2020, the months social unrest was halted when Hong Kong recorded its first Covid 19 positive case. As part of the measures to curb the spread of Covid 19, Hong Kong closes its border to the world, only allowing its residents to return to Hong Kong. With the absence of visitors in particular visitors from China, Hong Kong retail sales contracted 14 per cent in January, extending sector’s two-year decline that took hold during 2019 protests. Retail sales in Hong Kong has been falling for two years in a row, fuelled by the ongoing Covid 19 crisis and 2019 social unrest. With only 7.5 million population, Hong Kong is heavily dependent on Mainland China Visitors (MCVs) for life insurance business.