Hong Kong urged for "smarter" fiscal strategies as IMF supports financial consolidation efforts

Economy

1 year ago

News sources:

Credited from: SCMP

Lawmakers and experts in Hong Kong advocate for "smarter" spending after the IMF endorsed the government's financial consolidation strategies.
The IMF projected 2.7% GDP growth for 2024 and 2025, acknowledging gradual economic recovery amid external demand challenges.
The report emphasizes the need to boost tax revenue to address spending pressures from an ageing population.
Financial Secretary Paul Chan expressed plans to study the IMF's suggestions, focusing on controlling expenditure while maintaining a competitive tax system.
Experts suggest prioritizing efficiency and prevention in healthcare to combat rising welfare costs from the ageing society.

For the full article, visit: South China Morning Post.