HK Set for Fiscal Deficit That’s Double Estimate, Chan Says
- City may report deficit of HK$100 billion: financial secretary
- Profit, salaries tax revenue will be lower than estimated
Paul Chan
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Hong Kong is headed for a financial deficit almost double the budget estimate as the sluggish economy shrinks revenue and the pandemic boosts government spending, according to Financial Secretary Paul Chan.
The city may report a fiscal deficit of more than HK$100 billion ($12.7 billion) for the 2022-23 year, compared with the HK$56.3 billion estimated by the government earlier this year, the financial secretary wrote in his blog on Sunday.