HK on way to recovery, with GDP forecast to grow 3.5%-5.5% in 2023
HONG KONG – Hong Kong will give more handouts to consumers to support the city’s recovery from a prolonged economic downturn induced by Covid-19 restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget on Wednesday.
The global financial hub will issue vouchers worth HK$5,000 per person to all adults in 2023, half the amount issued in 2022 as Mr Chan attempts to dial down fiscal spending with an eye on the city’s coffers. Mr Chan told legislators Hong Kong was at the beginning of an economic recovery, no longer shackled by stringent Covid-19 measures that have isolated it from the rest of the world.
“I believe that Hong Kong’s economy will visibly recover this year, and I remain positive,” Mr Chan said. “However, the economic recovery is still in its initial stage, and there is a need for our people and businesses to regain vigour.”The city had spent more than HK$600 billion on various pandemic relief programmes for the past three years, forcing it to run rare budget deficits. REUTERS
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