HONG KONG - Hong Kong is expected to announce its largest budget deficit in at least a decade on Wednesday to cushion the shock of often-violent protests and the outbreak of a coronavirus on the recession-hit economy.
Those measures came on top of other handouts totalling HK$35 billion announced in recent months to mitigate the impact of the protests, which saw activists and police clashing in shopping malls and in the financial district. Tommy Wu, senior economist at Oxford Economics, expects the fiscal deficit to be 1.2 per cent of gross domestic product in 2019-20 and 2.6 per cent of GDP in 2020-21.
The first quarter of 2020, when Hong Kong recorded its first coronavirus patients, is expected to be significantly worse.
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