Hong Kong unveiled a record high budget deficit for the next fiscal year as the government plans to implement counter-cyclical measures of a massive scale of over HK$120 billion to kickstart the economy that sunk into recession after political unrest, and whose outlook is further damped by the coronavirus outbreak.
In his 2020-21 budget speech, Finance Secretary Paul Chan said the fiscal deficit for next year will rise to HK$139.1 billion, accounting for 4.8 percent of GDP.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.