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IMF Recognizes HK Position as IFC, Fiscal Consolidation Path
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Following the completion of the 2024 Article IV Consultation with the Hong Kong Special Administrative Region (HKSAR), the International Monetary Fund (IMF) Staff Mission published its assessment on the Concluding Statement today (10 Jan), according to the announcement made by the Hong Kong government. The Mission considered that the direction and path of the HKSAR government's gradual medium-term fiscal consolidation is appropriate given the current economic conditions. The Mission expected fiscal space to remain abundant, and projected that the fiscal deficit will narrow further, with the support of new revenue measures, the effects of expenditure control, and the winding down of pandemic-related expenditure. The Mission projected Hong Kong's real Gross Domestic Product to grow by 2.7% in both 2024 and 2025. The Mission recognized the HKSAR government's efforts in developing new sources of growth, including by promoting the Guangdong-Hong Kong-Macao Greater Bay Area initiative, increasing investment, and attracting foreign talent and businesses in high-value industries to Hong Kong. The Mission also recognized that it is appropriate for the HKSAR government to cancel all demand-side management measures for residential properties. AAStocks Financial News |
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