Hong Kong's Financial Secretary Unveils 2022-23 Budget
Hong Kong's Financial Secretary Unveils The 2022-23 Budget
The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, Mr Paul Chan, unveiled The 2022-23 Budget today (23 February 2022). The Budget initiatives focus on four main areas: (i) allocating adequate resources to support an all-out effort to win the fight against the COVID-19 epidemic; (ii) relieving the hardship of people and businesses; (iii) rendering support to the struggling economy and fostering a post-epidemic economic revival; and (iv) investing for the future by planning ahead for the medium- and long-term development of Hong Kong's economy.
Hong Kong’s overall economy saw a visible recovery in 2021 with a growth of 6.4%, reversing the declining trend in the past two consecutive years. Having regard to the latest local and external situations as well as the stimulus effect of the fiscal measures, it is forecasted that Hong Kong’s economy will put up a better performance in the second half of 2022 and achieve growth of 2 - 3.5% in real terms for the year as a whole.
For financial year 2021/22 (ending 31 March 2022), a surplus of HK$18.9 billion (EUR 2.13 billion) is forecasted. Fiscal reserves are expected to be HK$946.7 billion (EUR 106.95 billion) by end March 2022, equivalent to 16 months of government expenditure. For 2022/23, due to the expenses for one-off relief measures and anti-epidemic measures, a deficit of HK$56.3 billion (EUR 6.36 billion) is forecasted, equivalent to 1.9% of GDP. Fiscal balance is expected from 2023/24.
For more information on the budget, please click here.