S&P expects ‘gradual weakening’ of Hong Kong economy amid looming deficit, increased spending, though credit rating holds firm


Credit rating agency S&P Credit Ratings warned on Thursday that Hong Kong’s looming record deficit would weaken its fiscal health, while growing social spending driven by increasingly tough challenges facing the city would only worsen the situation.The American firm forecast the economy would shrink 1 per cent this year – after contracting 1.2 per cent last year – due to a combination of the US-China trade war, violent social unrest and the deadly coronavirus outbreak. The epidemic alone would…

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