into recession as its economy had shrunk in the second and third quarters of 2019. Retail sales declined and consumer spending decreased. Some restaurants saw their customers cancel bookings, and certain banks and shops were forced to close their doors. Some supply chains were disrupted because of the protests. Lower consumer spending caused several luxury brands to delay shop openings, while other brands quit. While some hawkers protested about declining sales, some shops prospered as nearby protesters bought food and other commodities. Stock of protest supplies ran low in both Hong Kong and Taiwan. The protests also affected property owners: fearing the instability, some investors abandoned purchases of land. Demand for property also declined, as overall property transactions dropped by 24 per cent when compared with the Umbrella Revolution; property developers were forced to slash prices. Trade shows reported decreased attendance and revenue, and many firms cancelled their events in Hong Kong. The Hang Seng Index declined by at least 4.8 per cent from 9 June 2019 to late August 2019. As investment sentiment waned, companies awaiting listing on the stock market put their initial public offerings (IPO) on hold, there being only one in August 2019 – the lowest since 2012. Fitch Ratings downgraded Hong Kong's sovereignty rating from AA+ to AA due to doubts over the government's ability to maintain the "one country, two systems" principle; the outlook on the territory was similarly downgraded from "stable" to "negative". Tourism was also affected: the number of visitors travelling to Hong Kong in August 2019 declined by 40 per cent compared to a year earlier, while the National Day holiday saw a decline of 31.9 per cent. Unemployment increased from 0.1 per cent to 3.2 per cent from September to November 2019, with the tourist and the catering sectors, seeing rises to 5.2 per cent and 6.2 per cent respectively during the same period, being the hardest hit. Flight bookings also declined, with airlines cutting or reducing services. During the airport protests on 12 and 13 August 2019, the Airport Authority cancelled numerous flights, which resulted in an estimated US$76 million loss according to aviation experts. Various countries issued travel warnings to their citizens concerning Hong Kong, and many mainland Chinese tourists avoided travelling to Hong Kong due to safety concerns. The economy in Hong Kong became increasingly politicised. Some corporations bowed to pressure and fired employees who expressed their