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Hong Kong To Spend $15.4B To Stabilize Virus-Ravaged Economy

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Hong Kong Finance Minister Paul Chan attends a press conference on budget for 2021-22 in Hong Kong, Wednesday, Feb, 24, 2021. Hong Kong will introduce 120 billion Hong Kong dollars ($15.4 billion) in fiscal measures to help businesses and residents impacted by the coronavirus pandemic, as it looks towards economic growth later this year following a recession in 2020. (AP Photo/Kin Cheung)

(AP) — Hong Kong will introduce pandemic relief measures worth $15.4 billion to help businesses and residents as the city anticipates economic growth later this year. The measures include loans for the unemployed, consumption vouchers and tax relief. Hong Kong Finance Minister Paul Chan forecast the economy is set to grow 3.5% to 5.5% this year, compared to the economic contraction of 6.1% in 2020. Chan also said Hong Kong’s fiscal deficit is at a record high, after the government last year spent billions on supporting measures, including a cash handout to residents and wage subsidies for businesses.

 

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