Hong Kong is under pressure to rein in spending when it unveils its annual budget after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial luster. | Reuters
PWC estimates a budget deficit of HK$109 billion for 2022/23. That compares with a shortfall of HK$56.3 billion or 1.9 percent of GDP, projected by the government in its budget last year.
“Even though the government is under tremendous pressure to reduce public expenditure, it may not be appropriate to abolish relief measures across the board,” he added. Since China’s imposition of a sweeping national security law in 2020 that markedly curbed individual freedoms, hundreds of thousands of Hong Kongers have emigrated abroad, bringing further uncertainty and longer-term economic pressures on Hong Kong’s regional competitiveness.
Home prices fell 15.6 percent last year after more than a decade of red-hot price increases in one of the world’s priciest property markets.Hong Kong’s economy shrank for the fourth straight quarter in the final three months of 2022, contracting an annual 4.2 percent, worse than economists’ estimates as sluggish global demand and higher interest rates hit exports and spending.
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