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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