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Hong Kong unveils $2.4b economic support package as protests weigh

Published : Friday, 16 August, 2019 at 12:00 AM  Count : 99

Pro-democracy protestors block the entrance to the terminals at Hong Kong's international airport on August 13, 2019.

Pro-democracy protestors block the entrance to the terminals at Hong Kong's international airport on August 13, 2019.

HONG KONG, Aug 15: Hong Kong's government announced an economic support package worth HK$19.1 billion ($2.44 billion) on Thursday as escalating political protests and the prolonged Sino-US trade war weigh heavily on the Asian financial center.
Financial Secretary Paul Chan unveiled the plan at a news conference, after saying the government is expecting to lower its 2019 GDP growth forecast to 0per cent-1per cent, from the original 2-3per cent.
Chan said the measures include subsidies for the underprivileged and business enterprises.
Hong Kong leader Carrie Lam last week warned the next downturn will hit the city's economy like a "tsunami", and said her administration will be "more daring" in supporting growth.
Hong Kong will release second-quarter data and its latest economic forecasts on Aug. 16.
The economy expanded 0.6per cent in April-June from a year earlier, preliminary data showed, in line with the first quarter's pace but much less than economists expected. It contracted on a quarter-on-quarter basis.    -Reuters








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