Hong Kong's coronavirus-battered economy could contract between 4 percent and 7 percent in the current financial year, the Financial Secretary Paul Chan Mo-po, said today, predicting that the first quarter would be worse than the 2008 financial crisis or even the 1999 Asian financial crisis. In his budget, Chan had predicted the economy would contract by 1.5 percent. He made the remarks today at the Legislative Council debate on his latest budget. Chan said the deficit would exceed HK$280 billion in the next financial year.

Source: The Standard April 29, 2020 06:00 UTC