HONG KONG - The International Monetary Fund urged Hong Kong's government to boost spending to support the territory's convulsing economy, citing a range of risks from trade tensions to political unrest.
The IMF projects Hong Kong's economy will contract by 1.2 per cent this year before gradually recovering to 1% growth in 2020. Gross domestic product shrank sharply in the third quarter as the economy sustained hard hits from both external and domestic shocks. "Additional fiscal spending of about 2.5 percentage points of GDP over two years, that is significantly front-loaded to the current fiscal year, would help those severely affected by the cyclical downturn," the IMF said. With low tax rates, such support could be better delivered by"targeted spending" for vulnerable households through rent relief and subsidies for low-income students, it said.
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