Hong Kong is giving all adult permanent residents $1,200
Hong Kong Hong Kong is handing most of its residents a pile of cash to spend as it tries to save its slumping economy from the aftermath of protests and the coronavirus outbreak.
The Asian financial hub said Wednesday that the measure — the cornerstone of a 120 billion Hong Kong dollar stimulus package — will involve giving 10,000 Hong Kong dollars to all permanent residents in the city who are at least 18. About seven million people will benefit from that program.Financial Secretary Paul Chan also warned that the city will record its first budget deficit in 15 years due to the recession that began in the third quarter of 2019. The situation is expected to worsen.
Disney theme parks feel pain amid coronavirus shutdown 02:54Despite the ongoing challenges, Chan said he believes the economy will be able to bounce back in the long term. "Although the impact of the epidemic on our economy in the near term could possibly be greater than that of the SARS outbreak in 2003 ... Hong Kong's economic fundamentals remain solid," he said."The economy of Hong Kong should be able to recover once the epidemic is over.
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