Hong Kong's government is giving $1,284 to every permanent resident over 18
According to Al Jazeera, Finance Secretary Paul Chan said he expected budget deficits for the next five years.
Hong Kong's 2019-2020 fiscal budget included $3.85 billion from protests with confrontations between demonstrators and police in public spaces and $3.85 billion to support health care, small to midsize businesses, and low-income residents,The one-time payments to permanent residents come during the third quarter of a recession. The recession burdens tourism and retail in the area as partial border closures slow visitors and keeps residents away from public areas, the report said.
The impact of the coronavirus on the economy has followed a similar pattern to SARS, which also contributed to a recession in Hong Kong in 2003 and 2004, according to Al Jazeera. The budget deficit is unusual for Hong Kong, which typically keeps a balanced or surplus budget. Yet, thanks to plenty of saved capital, the city should be able to navigate the tenuous period, according to the report.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong banks face coronavirus toll on asset quality, loan growthHong Kong's banks face at least two quarters of worsening asset quality and...
Read more »
Hong Kong plans $15 billion spending to support its economy amid coronavirus outbreakThe Hong Kong government has announced 120 billion Hong Kong dollars ($15.4 billion) worth of measures to support an economy that's been dragged down by pro-democracy protests and the new coronavirus outbreak.
Read more »
Hong Kong unveils $15 billion in relief against coronavirus, protestsHong Kong unveiled measures worth HK$120 billion ($15 billion) in its annual bud...
Read more »
Hong Kong plans handouts, tax cuts to counter economic woesHong Kong's government is proposing a nearly $1,300 cash handout for each resident over 18 years old to help alleviate hardships brought on by the spreading viral outbreak and prolonged political protests
Read more »
Hong Kong, Hit by Coronavirus and Protests, to Hand Out Billions of Dollars in CashThe city’s government said it would dole out $15.4 billion in payouts and other stimulus in its annual budget in an attempt to resuscitate an economy reeling from the coronavirus epidemic and months of antigovernment protests.
Read more »
Hong Kong is giving 7 million people $1,200 in cash to boost its recession-hit economyThe Hong Kong government has unveiled a major relief package to shore up its flagging economy.
Read more »