HONG KONG -- Hong Kong is bracing for budget deficits for the next five years as the economy suffers under the weight of the new coronavirus outbreak, anti-government protests and the U.S.-China trade war.
Hong Kong's government on Wednesday said the budget deficit is on track to reach a historical high of 139.1 billion Hong Kong dollars ($17.9 billion), or 4.8% of annual gross domestic product, for the year ending March 2021, more than double the deficit for the 2001-02 fiscal year, which was the largest ever recorded.
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