Hong Kong Budget 2019/2020
The Financial Secretary, Mr Paul Chan (“Mr Chan”), delivered the 2019-20 budget to the Legislative Council on 27 February 2019.
Mr Chan revised the estimated surplus for 2018-19 to HK$58.7 billion, which is higher than the original estimate of HK$46.6 billion but only amounted to around a third of the last year’s figure of HK$148.9 billion. The continuing trade disputes among major economies and the raise in protectionism present significant challenges to Hong Kong. Hong Kong’s economic growth slowed to below 1.5% in the 4th quarter of last year, which was the weakest since the 1st quarter of 2016. Hong Kong GDP has only grown by 3% for the whole of 2018, which is the bottom end of the government forecasts. With uncertainties like the US-China trade disputes, slow down of China economy and the effects of Brexit, Mr Chan estimated that the Hong Kong economy could slow further this year.
Mr Chan revised the estimated surplus for 2018-19 to HK$58.7 billion, which is higher than the original estimate of HK$46.6 billion but only amounted to around a third of the last year’s figure of HK$148.9 billion. The continuing trade disputes among major economies and the raise in protectionism present significant challenges to Hong Kong. Hong Kong’s economic growth slowed to below 1.5% in the 4th quarter of last year, which was the weakest since the 1st quarter of 2016. Hong Kong GDP has only grown by 3% for the whole of 2018, which is the bottom end of the government forecasts. With uncertainties like the US-China trade disputes, slow down of China economy and the effects of Brexit, Mr Chan estimated that the Hong Kong economy could slow further this year.
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