HK to see first budget deficit in 15 years due to unrest

Not the best of times for street stall owners at the Sham Shui Po district of Hong Kong as business is slow and is expected to be further weakened by end of the year. - AFP

HONG KONG (Dec 2, Agencies): Hong Kong is expected to record its first budget deficit since 2004 with the economy sustaining damage equivalent to 2 percentage points of output growth, Financial Secretary Paul Chan said.

The deficit for the 2019-2020 fiscal year would be due to an adverse economic environment, decreased tax revenue and income from land sales, as well as relief measures announced during the year, Chan told lawmakers at the legislative council on Monday night (Dec 2).