Financial Secretary Paul Chan said the spread of the virus has “dealt a heavy blow to many people, disrupting both their life and work.”
The Hong Kong budget is"mainly carrot" instead of stick, and that's good, said Paul Gambles, co-founder of advisory firm MBMG Group.
Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, told CNBC more spending is"good news," and that the expenditure needs to be targeted at people and businesses who need it most.After two consecutive years of declines, Hong Kong's overall economy saw a"visible recovery" in 2021 with a growth of 6.4%, Chan said.However, Garcia-Herrero said the city's growth predictions were on the optimistic side.
She added that this year's stimulus is"even more important" than last year's, since growth will be slower. "How much we need is not so much about the number, but how targeted it is so that it is not kept in the drawer. That's the key," she said. Hong Kong's economy has been battered by the U.S.-China trade war, domestic political unrest and the Covid pandemic in recent years.
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