Question

Due to much loss caused by COVID-19, what are the actions to revitalize the economy of Hong Kong?

Answer 1

As like many other country the Hong Kong was also hit by the pandemic Covid-19. For many years Hong Kong is the host for global tourists, Tourism is the vital part of the economy of the state. The economy hit hard after banning tourists in the country as a precaution against the deadly virus.

According to International Monetary Fund Hong Kong announced and implemented an estimated HK$287.5 billion (ten percentage of GDP) of fiscal measures to revitalize the economy of the state.

Here are the key measures:
(1) HK$30 billion for establishment of new Anti-Epidemic Fund to raise anti-epidemic fecilities and services.(1% of GDP)
(2) HK$79.5 billion for tax and fee reliefs .(2.8% of GDP)
(3)HK$ 71 billion for Cash handout to Hong Kong permanent adult residents (2.5% of GDP)
(4)HK$ 80 billion for employment subsidy scheme (2.8% of GDP)
(5)HK$ 21 billion for relief measures for specific sector.(0.7% of DGP), and
(6)HK$ 6 billion for temporarary job creation ( 0.2 billion of GDP)

However the newly introduced budget immediately came in for the criticism and applauds at the same time from economists.