The civic turbulence in recent weeks has already taken a toll on the Hong Kong economy.
Business owners said the worse is yet to come if the violent protests are allowed to continue. This means that many Hong Kong people will suffer hard times ahead.
READ MORE: HKSAR govt condemns multiple violent incidents
The violent protests resulting in clashes with the police on the streets in busy commercial districts are hurting business of many shops and eateries. Retail sales have been falling for many months. The downtrend has been exacerbated by the rioting, industry sources said and predicted a double digit decline in sales in the coming months.
This is worrisome because the retail sector together with catering is one of the largest employers in the city. Further declines in business will force many employers to lay off older workers who will face great difficulties in finding alternative employment.
The tourism industry is also suffering. Travel agents reported an increase in tour cancellations since mid-June when the rioting began to spread. Tourists are beginning to avoid coming to Hong Kong for fear of their personal safety.
Hardest hit are the hotels and luxury goods retailers which depend mainly on tourists spending for their income.
READ MORE: HK's hotel woes likely to get even worse
Other businesses, too, are affected one way or another. For instance, shops in areas affected by rioting had to close for a day or longer, usually at weekends. The loss in income can be considerable for a small retailer or restaurant.
It is therefore important for the SAR government to take immediate and effective measures to bring the situation under control. In doing so, it can count on the support of the majority of Hong Kong people and the police.
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