HONG KONG, Feb. 23 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) government on Wednesday unveiled a budget for the new financial year, with a focus on measures to support the speedy recovery of the economy.
Financial Secretary of the HKSAR government Paul Chan delivered the 2023-24 budget at the HKSAR's Legislative Council.
He said that the Hong Kong economy will see a visible rebound this year with growth of 3.5 percent to 5.5 percent for the year as a whole.
Chan noted that the Hong Kong economy contracted by 3.5 percent year on year in 2022 amid both external and domestic headwinds, while the underlying inflation rate remained moderate at 1.7 percent last year.
He said that the economy will grow by an average of 3.7 percent annually in real terms from 2024 to 2027, higher than the trend growth of 2.8 percent during the decade before the pandemic. The underlying inflation rate is forecast to average 2.5 percent annually.
Produced by Xinhua Global Service
