Public consultation on Budget kicks off, with HK seeing 3.2 pc economy shrink

The public consultation for the 2023-24 Budget, scheduled to be released on February 22 next year, started on Sunday.

In a post on his blog today, Financial Secretary Paul Chan Mo-po said Hong Kong may still encounter multiple challenges from the external economic environment in the next year. 

"Hong Kong's economy is expected to contract by 3.2 percent this year, and the annual fiscal deficit will reach at least HK$100 billion," said Chan in the post, citing the strikes coming from high inflation, interest rate hikes and the Covid-19 pandemic.

However, he held a positive perspective in hopes of the full recovery of this city under China's stepping in to reopen the border with Hong Kong.

"When preparing for the Budget, we will continue to strive for stabilising and stimulating the economy as well as easing the pressure on members of the public and businesses, and plan for Hong Kong's long-term development and allocate resources appropriately," Chan said.

He welcomed the public to express their views on the coming Budget actively.