Hong Kong has said it will consider legalising gambling on basketball and announced sweeping cuts to government jobs as the Chinese territory grapples with a years-long budget hole driven by a prolonged property slowdown.
The Asian financial hub is set to record a deficit of more than HK$87bn (US$11bn) for the year ending in March, financial secretary Paul Chan said on Wednesday. That would mark Hong Kong’s third consecutive year of shortfalls, its longest streak of deficits since 2004.
Hong Kong’s economy has been weighed down by slowing growth in mainland China in the wake of the pandemic and rising tensions with the US, which have hit the city’s traditional growth drivers, economists said.
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