FILE PHOTO: A pedestrian walks past a residential development in Hong Kong, China, November 27, 2021. REUTERS/Lam Yik/File Photo
HONG KONG: Hong Kong’s deficit for this fiscal year is expected to be just below HK$100bil or about US$13bil, the city’s finance chief says.
The government is “focussing on cost-saving measures” to tackle the deficit, Paul Chan told residents on a programme on public broadcaster RTHK last Saturday, where he was gathering public feedback ahead of the upcoming budget.
“Although we need to move forward with public works projects we have to prioritise developments according to their urgency,” he said.
The growth rate of economy in the first three quarters of 2024 was not as strong as expected due to high interest rates and external challenges, Chan said.
Hong Kong’s economy is expected to grow 2.5% in 2024, he wrote in a blog post in December.
That followed a 1.8% third quarter growth rate, which fell below expectations. — Reuters
