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Hong Kong announces $15.4 billion relief package to boost economy
Hong Kong Financial Secretary Paul Chan announced on Wednesday a HK$120 billion ($15.4 billion) relief package in an attempt to bolster the country’s economy amid the coronavirus outbreak and civil unrest.
Chan’s annual budget featured a handout of HK$ 10,000 ($1,300) to each permanent resident of the city aged 18 and over. In addition, he presented an official forecast for the year’s economic growth to be around 1% and confirmed for a PMI drop of 1.2% for 2019.
Apart from the impact of the virus disrupting supply chains, Hong Kong had been pushed further into its first recession in a decade due to months-long political unrest. The administration of Chief Executive Carrie Lam continue to stabilize the world’s second largest economy with a much bolder budget than in recent years.
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After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite ...
KYC Policy