Hong Kong is set for back-to-back deficits but will give cash handouts and offer some help to first-time home buyers to help the economy recover from prolonged COVID-19 restrictions, the city's government announced in its budget on Wednesday.
The global financial hub expects to record a deficit of HK$140 billion ($17.8 billion) in 2022/23, Financial Secretary Paul Chan said, when delivering the budget to the Legislative Council. That is around 5% of gross domestic product (GDP), and more than double the HK$56 billion the government initially estimated.
