Hong Kong announces $15.4 billion relief package to boost economy

Hong Kong announces $15.4 billion relief package to boost economy

Hong Kong Financial Secretary Paul Chan announced on Wednesday a HK$120 billion ($15.4 billion) relief package in an attempt to bolster the country’s economy amid the coronavirus outbreak and civil unrest.

Chan’s annual budget featured a handout of HK$ 10,000 ($1,300) to each permanent resident of the city aged 18 and over. In addition, he presented an official forecast for the year’s economic growth to be around 1% and confirmed for a PMI drop of 1.2% for 2019.

Apart from the impact of the virus disrupting supply chains, Hong Kong had been pushed further into its first recession in a decade due to months-long political unrest. The administration of Chief Executive Carrie Lam continue to stabilize the world’s second largest economy with a much bolder budget than in recent years.