According to Bloomberg, the economy in Hong Kong has slowed in comparison to previous years. In the first 3 months the year-to-year growth rate was only .4%, in comparison to a 5% growth rate from the previous year. Additionally, according to a survey from Dow Jones this is 1% lower than their predicted 1.4% increase in total growth for the quarter. This is being attributed to the banking crisis in Europe which has resulted in a 5.7% decrease in total exports for the quarter. In another note this low growth rate has erupted in public outrage as housing prices in Hong Kong continue to rise making it the most expensive place to own a home in the world, further increasing the gap in the distribution of wealth.
This article is particularly interesting because it is a good reflection on how global the economy really is at this point in time. A banking crisis in Europe does not only negatively affect the people there, but also everywhere that is connected to them through the now global economy i.e. Hong Kong. Not only is there the direct connection between the negative impact of the the euro-crisis and the exports from Hong Kong, but the economists in Hong Kong are also worried that this crisis might negatively impact the recovery in the United States, and thus hurt Hong Kong's exports even more. This all goes to show that in today's economy one place's problem often turns out to be everyone else's problem, too.
http://www.bloomberg.com/news/2012-05-11/hong-kong-economy-set-for-slowest-growth-since-2009.html
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