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Hong Kong budget aims to lift COVID-hit economy, halt brain drain

City's financial head says growth forecast to rebound at 3.5% to 5.5% in 2023

Hong Kong is trying to revive an economy hard hit by COVID-19 control measures, which, along with a crackdown on civil liberties, have sparked a serious brain drain in the territory.   © Reuters

HONG KONG -- Hong Kong on Wednesday announced a new budget with tax cuts, spending vouchers and other measures aimed at boosting an economy hurt by years of pandemic isolation, and repairing the city's international image.

Financial Secretary Paul Chan also forecast that Hong Kong's economy, which contracted by 3.5% last year, would rebound by between 3.5% and 5.5% in 2023, as officials work to halt a talent exodus, draw fresh investment and develop the city's technology sector.

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