Tuesday, April 21, 2015   

(2014-15 Budget) Tsang predicts fiscal deficit in seven years
(02-26 13:40)

Financial Secretary John Tsang Chun-wah warned that a structural budget deficit is inevitable.
He cited findings by a working group which predicted a deficit in seven years.
Tsang also forecast the economy to grow 3 to 4 per cent in 2014, below the average annual growth rate of 4.5 per cent over the past decade.
He said projections by the Working Group on Long-Term Fiscal Planning, “spark off a clear warning and call for serious attention. If government expenditure keeps growing and outpacing economic and revenue growth, a structural deficit would be inevitable.’’
If services were to be improved at about 3 percent annually for education, social welfare and healthcare, on top of adjustments for demographic and price factors, government expenditure would grow at an average 7.5 percent a year.
Such a scenario could lead to a structural deficit “in seven years' time,'' Tsang warned
   
Other Hong Kong breaking news:
Mortgage Corp loan book swells to HK$15.6b (2 hrs 9 mins ago)
Two local poets read their latest works (2 hrs 47 mins ago)
Swire Properties starts leasing of Quarry Bay serviced units (2 hrs 52 mins ago)
Warm weather shades (04-21 19:40)
K-pop star Choi Siwon visits to mark wax museum birthday (04-21 19:23)
Beckham bottled (04-21 19:21)
New proposal for conserving Central Market (04-21 18:32)
Charges against anti-parallel protesters dismissed (04-21 18:10)
Dragonair serves up more distinctive Cantonese delights (04-21 17:41)
Panel to make recommendations on light pollution (04-21 17:23)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.