“Industries like retail, catering and transportation have taken a hit because of the recent violent unrest, with significant revenue drops,” Chan wrote in his official blog on Sunday.

“The depressed feeling in society is affecting consumer industries to different degrees.”

Street protests have damaged Hong Kong’s international image, as 22 countries have issued travel warnings for the city, and this may further hurt tourism, business and investment, he said.

Chan said the city’s government is closely monitoring the US-China trade dispute and how it is impacting financial markets and the tech industry.

The move by the US to name China a currency manipulator is unreasonable and doesn’t match the standards set by America, Chan said.

Gross domestic product contracted in the second quarter from the previous three months, leaving open the prospect of a technical recession if the unrest continues.

Hong Kong’s Chief Executive Carrie Lam said that the economic downdraft caused by the protests is worse than that during the SARS epidemic and the 2008 global financial crisis.