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8/15, 11:07 AM (Source: TeleTrader)
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Hong Kong announces $2.4B economic stimulus, growth revision

The Government of Hong Kong said on Thursday it will introduce a $2.44 billion (HK $19.1 billion) economic stimulus in an effort to limit the negative effect of current global tensions on the economy.

The measures will include cutting individual salary taxes, as well as government fees on business.

Financial Secretary Paul Chan said on Thursday that GDP growth forecast for 2019 is to be revised down from the original range between 2% and 3% to between 0% and 1%, as a result of uncertainties related to the United States-China trade war, the violent anti-government protests in the region and Brexit, among others.

The preliminary data said the economy of the financial hub rose 0.6% annually in April-June, missing expectations. The second-quarter GDP data and forecasts are due for release on Friday.

Breaking the News / NP / NI