economy hong kong

As Hong Kong Unveils New Stimulus, Wicked PMI Plunge Portends Q4 GDP Disaster

"...unless December brings a dramatic recovery".

"During an economic downturn, supporting employment is the number one priority of the government", Hong Kong Financial Secretary Paul Chan said Wednesday, as he rolled out a new package of stimulus measures aimed at supporting the city's flagging economy amid months of violent protests. As tipped on Tuesday, Hong Kong is deploying another stimulus package in a bid to put a floor under things as dour data point after dour data point underscores just how perilous the situation really is. Retail sales collapsed the most on record in October, numbers out this week showed, and Chan recently said the city will log its first budget deficit in 15 years due to falling tax revenue, declining income from land sales, the cost of stimulus and the generalized economic malaise. Read more: Horrific Data, Spiraling Violence Force Multi-Billion Dollar Stimulus Efforts In Besieged Locales The new measures announced on Wednesday are targeted at small and medium-sized businesses and bolstering employment, the government said. The cost of the new package: $511 million. That sounds like a drop in the bucket, frankly. It's much smaller than the previous package and likely won't quell outside calls fo
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