Hong Kong Announces $2 Billion Stimulus After Cutting GDP Outlook

By Tyler Durden

Like the old saying goes, if you can’t beat them, bribe them.

After 10 weeks of violent unrest that has practically paralyzed the city, the Hong Kong government is starting to reckon with exactly how much all of this chaos has cost its economy. And to help soften the blow (and maybe help assuage the people’s anger, or at least stop it from getting worse), Hong Kong’s government announced a stimulus package worth more than $2 billion.

Hong Kong Financial Secretary Paul Chan said Thursday that he now expects HK GDP to grow between 0% and 1% this year, down from earlier forecasts of 2% to 3%.

Here’s more from SCMP:

“If growth does hit 0 to 1 per cent, this will be the worst situation we have faced since 2009,” he said, referring to the global financial crisis. Chan spelt out a total of seven measures to support enterprises and safeguard jobs, as well as seven other initiatives to relieve people’s burden.

Chan spelt out a total of seven measures to support enterprises and safeguard jobs, as well as seven other initiatives to relieve people’s burden.

“If Hong Kong’s economy grows in the third quarter at a similar pace to the second, the city …read more

Source:: Zero Hedge

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